Press Story

The project will start from the position that free trade, global integration and open markets are vital for economic prosperity. But in light of the recent financial and economic crises, it is also clear that the current model of globalisation is not working as it should. The benefits of global growth have not been shared equitably (either between or within countries) and global institutions have been unable to resolve the major fault lines which have emerged in the global economy (including trade and currency imbalances). In this context, there is a risk that centre-left policymakers will retreat into a more protectionist mode.

So this project will seek to advance the economic and political arguments for maintaining a global approach, but also look at how the global economic model can be reformed so that the benefits of globalisation can be spread more evenly - lifting people out of poverty in the developing world, but also raising the living standards of workers in advanced economies.

This work will be chaired by Lord Mandelson, supported by a secretariat at ippr. Lord Mandelson is a former European Trade Commissioner and Secretary of State for Business, Innovation and Skills. Lord Mandelson said:

'Globalisation has brought great benefits in the developed and developing world. But in the West there is a growing sense among some progressives that a new era of protectionism is the best way to preserve the gains we have achieved. Yet any rise in protectionism will only penalise those who have most to gain from the growth of new markets. This new ippr project will provide a platform to support a new consensus on how best to keep our markets both open and fair.'

ippr Director Nick Pearce said:

'The fault lines in the global economy must not become unbridgeable chasms. We urgently need fresh thinking on both the substance and politics of renewing global economic growth, expanding the benefits of globalisation and ensuring its benefits are more widely spread. We are delighted that Lord Mandelson has agreed to chair this project. He is uniquely well qualified to lead this rethinking.'

Notes to editors

Lord Mandelson will launch the project with a speech early in 2011, chair a number of expert seminars in London and around the world, and collaborate with ippr to produce a final report setting out a new progressive political and economic vision for globalisation.
ippr is the UK's leading progressive think tank. With Chair of Trustees James Purnell and Director Nick Pearce, ippr is playing a central role in developing new thinking and policy for the centre-left, in the UK and beyond.
This work will be part of ippr's wider work on economics and on migration, trade and development. In particular, this project will be linked to ippr's work on New Era Economics and Future Jobs.

Contact

Tim Finch, ippr Director of Communications: 0207 7470 6110 / 07595 920 899 / t.finch@ippr.org