additional content
greater protectionist policies , which could exacerbate the root problems discussed here .
Today we find ourselves at a crossroads . For decades , globalization , technology , and financialization worked as a system to create both economic growth and social progress , but retaining them in their present form is unsustainable . We cannot return to how things were , nor should we want to . We need to reframe the alignment of these forces , or face a challenging future . If we do not intervene , the risk is that many of the trends we see now will continue and even accelerate : slowing growth in advanced economies , continued erosion of the working and middle classes around the world , stagnant or declining pay to workers in advanced economies , unemployment in large sections of the world made worse by automation , Africa missing out on the benefits of globalization altogether , sustained harm to communities and our broader environment , and continued erosion of trust . These factors will feed increased political uncertainty and instability .
Addressing these issues will require realigning our economies and political systems so that they again better meet human needs . We have an opportunity to change our course and achieve a more positive future . This will require immense effort among a broad range of government , business , and community groups . None of these groups can solve these problems unilaterally . The solution will require an extensive engagement among all . The answers are not all clear , but there are some observations that we believe can help inform a way forward .
Observations for Achieving Realignment
As we reflect on this situation , it is critical not to lose sight of the progress and positive impact each of the three drivers has had . We should not throw the baby out with the bathwater . Well-managed market economies have consistently delivered economic growth and social progress more successfully than the alternatives , and can continue to do so .
A globalized world is a reality . Issues ( and opportunities ) will not respect national boundaries . Technology ,
disease , security , migration , ideas , and our environment are relevant for all countries ; they require sustained engagement on a cross-border basis . GDP growth and financial performance are essential to provide the resources to address the needs of our broader society . And people will continue to demand the benefits of technology . We cannot romanticize about going back to a world before we were globally interdependent , financially intertwined , and technology enabled . Instead , there is an urgent need to revisit the very purpose of the economy — an engine to match human needs and opportunities . At its best , an economy is a dynamic and
118 world monitor