Digitalization, Disruption, and Divisions: Is Multilateral Cooperation Ready for the Next Wave of Globalization?

Digitalization, Disruption, and Divisions: Is Multilateral Cooperation Ready for the Next Wave of Globalization? By Joel Ng and Kaewkamol Pitakdumrongkit SYNOPSIS Capital and production globalized in the 20ᵗʰ century, and digitalization has now enabled the globalization of labour’s contribution to economic activity. [...] The implication of this third wave of globalization of labour services for the global economy is that where workers choose to operate from, and where they choose to contribute their economic value to, will now become independent factors. [...] While multilateral regimes to date have still not fully addressed the vicissitudes of the globalization of capital and production, the growth of labour virtualization will mark a new phase of globalization where digital goods and services may be supplied to any part of the world. [...] The second lesson of history is that the great eras of multilateral institution-building occurred in the periods after World War 2 and the Cold War. [...] Convening discussions of these trends to craft a multilateral agenda alongside ‘smart cities’ and ‘digitalization’ summits will be needed to understand how best to reap the benefits of the next wave of globalization and to avoid the potentially divisive disruptions.