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The Automotive Transition on the Road to Decarbonization - Economic News, Analysis, and Discussion
The road to decarbonizing the planet runs through the energy transition, which includes the shift from fossil-fueled cars to renewable energy vehicles. This automotive transition is unfolding as a true revolution in the industry. The evolution toward electric and hybrid vehicles has come in tandem with the ascent of Chinese producers. In the current context of geopolitical and technological rivalries, the automotive transition has been marked by an intense trade war, with implications for the trajectory of decarbonization.
Capital, Labor, and Land in the Digital Transition - Economic News, Analysis, and Discussion
The digital revolution is bringing about a dramatic shift in power, from labor to capital. We assess what the impact of this transformation might be on land as a factor of production. The digital revolution is not happening in a historical vacuum. It unfolds within a framework of confrontation or collusion between market forces and government forces. Depending on the market power that companies can exercise, the digital transition will have different impacts on income distributions between capital, labor, and land, as well as on income distribution within capital itself. This digital transition is advancing during a period of history marked by the worsening of four major crises, the effects of which are interconnected: international, environmental, democratic, and distributive. Urban land management, based on collective purpose, must be recognized as a strategic asset in building a future in which progress is guided by equity, resilience, and social responsibility, with human dignity and the environment at the center of decisions.
AI and the Future of Government: Unexpected Effects and Critical Challenges - Economic News, Analysis, and Discussion
AI may lead to the emergence of a new language-based digital divide, jobs displacement in the public administration, disruptions in revenue mobilization, and declining government responsiveness.
How Will Artificial Intelligence Affect the Economy? - Economic News, Analysis, and Discussion
A recent IMF report estimated that half of the jobs impacted will be affected negatively, while the other half may see increases in productivity. The lesser impact on emerging and developing countries will tend to lead to fewer benefits in terms of increased productivity.
Resilience and Realignment of Global Trade - Economic News, Analysis, and Discussion
Multiple shocks faced by the global economy over the past three years have apparently shaken the conventional wisdom on gains from economic integration, and have sparked widespread calls for protectionist and nationalist policies. Is there already evidence of some ‘deglobalization’, or do the factors that underlie globalization remain strong enough despite the shocks? So far, there are no signs of an overall reversal in the long-term trend of greater global trade integration. However, a partial realignment seems to be underway, reflecting the more durable side of those recent shocks. This is probably leading to higher costs and prices on the margin, in the case of realignments done to overcome shocks of a geopolitical nature. The answer seems to be that global trade has been resilient, although it is undergoing some realignment.
Rising Use of Local Currencies in Cross-Border Payments - Economic News, Analysis, and Discussion
Pairs of countries have agreed to settle commercial and financial transactions with each other in their local currencies, usually facilitated through bilateral agreements between their central banks. China has been able to use its currency to settle half of its foreign trade and investment transactions. The growing use of local currencies in external payments will be part of what we have already called a “slow and bounded de-dollarization”. A partial fragmentation of the global payments system is underway.