Cambodia embarks on the Fourth Industrial Revolution

September 13, 2018

Cambodia embarks on the Fourth Industrial Revolution

by Chheang Vannarith / Khmer Times

In today’s world, more countries are looking for innovative strategies to deal with the rising uncertainties they are facing. Asean, not cushioned from the same concerns, is at a crossroads with the rapid evolution of the geopolitical and geo-economic spheres.

The Fourth Industrial Revolution is evolving at an unprecedented speed and its impact will be felt everywhere. This is the main theme at this year’s World Economic Forum held in Hanoi. In order to adapt to and make full use of the Fourth Industrial Revolution, Asean member countries are reforming their institutions and regulations at varying degrees.

Vietnam’s Prime Minister Nguyen Xuan Phuc, the host of this year’s forum, proposed a five-point strategy for ASEAN: fostering digital connectivity and data sharing; harmonising the business environment; building synergies among innovation incubators; managing talents; and creating an education network for life-long learning.

Indonesian President Joko Widodo stressed that “with creativity, with energy, and with collaboration and partnership, we, humanity, shall enjoy abundance and we shall produce infinite resources”. He warned about the misguided belief and misperception that the rise of some will lead to the decline of others, saying it is a dangerous notion.

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Prime Minister Hun Sen set out a list of priority areas that Cambodia and ASEAN should focus on to enhance the application of technology for socioeconomic development and poverty reduction.


In his remarks at the forum, Prime Minister Hun Sen set out a list of priority areas that Cambodia and ASEAN should focus on to enhance the application of technology for socioeconomic development and poverty reduction.

Cambodia is concerned that digitalisation and automation might lead to job losses and increase inequality. The Cambodian government is already developing policies to seize opportunities and overcome the challenges that come with the Fourth Industrial Revolution.

First, the government is going to double its investment in upskilling the country’s human capital, especially in entrepreneurship and innovation.

Second, the Cambodian premier said a bigger investment is needed to develop digital platforms that can be used to share knowledge.

Third, he said more support mechanisms for the private sector are needed, especially for digital literacy, digital infrastructure development, and research and development.

“Cambodia can leapfrog if it can maximise its comparative advantages in terms of the demographic factor and its open economic structure. Hence, more investments are needed in education and knowledge governance,” Mr Hun Sen said.

He added that he was hoping to encourage innovative ways to narrow the brain gap.

“What ASEAN can do, Cambodia should be able to do as well and, if possible, better, because of the advantage of hindsight. This can be done by investing more in human resource training in Cambodia.”

The idea of a Fourth Industrial Revolution was first put forward by Klaus Schwab, a Founder and Executive Chairman of the World Economic Forum. He argues in his book ‘Shaping the Fourth Industrial Revolution’ that governments, businesses, and individuals must make the right strategic decisions regarding the development and deployment of technologies.

“The scale, complexity and urgency of the challenges facing the world today call for leadership and action that are both responsive and responsible. With the right experimentation of the spirit of systems leadership by values-driven individuals across all sectors, we have the chance to shape a future where the most powerful technologies contribute to a more inclusive, fair and prosperous community”, he wrote.

In Hanoi, Prime Minister Hun Sen and several other leaders from Asean stressed the importance of human capital as the nations embark on the Fourth Industrial Revolution.

“Human capital, technological innovation and artificial intelligence need to be utilised side by side and with equal emphasis for Industry 4.0 to work,” he added.

US-China Technology Competition is about “Self Transcendence”

September 13, 2018

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Asia Pacific Bulletin, No. 439

Publisher: Washington, DC: East-West Center
Available From: September 12, 2018
Publication Date: September 12, 2018

US-China Technology Competition is about “Self Transcendence”

By Dr. Wenhong Chen

Eric Schmidt, then executive chairman of Alphabet, Google’s parent firm, commented on China’s AI ambition on November 1, 2017, in Washington DC: “By 2020 the Chinese will have caught up (to the United States). By 2025 they will be better than us. And by 2030 they will dominate the industries of AI.” Not to miss the boat, about one and a half months later, Google announced its first major China move after its search engine left the mainland in 2010 — that it was opening a Google AI China Center in Beijing, its first in Asia, led by the Chinese-American scientist Feifei Li.

Disruptive AI, Big Data, and Cloud Computing (ABC) innovations have generated opportunities and challenges for entrepreneurs and policymakers across the Asia Pacific. Given the centrality of ABC policy to national security, economic prosperity, and global influence, it is critically important to understand and assess ABC policy practices and their implications for the digital economy and the US-China bilateral relationship.

Chinese government policy has been credited as a major driver of China’s digital transformation. In the pursuit of the Chinese Dream — a narrative of the great rejuvenation of the Chinese people — China has been purposefully and skillfully developing ABC as a top national project since 2013.

First, a series of regulatory and legislative work including the passage and implementation of national, regional, and local policies, laws, plans, and programs (including Made in China 2015 which has become a contentious issue in the US-China trade talks).

Second, financial and institutional support gives rise to national big data pilot zones, ministerial industry demonstration bases, provincial and municipal industrial parks, and numerous national big data and AI research labs. Guizhou, one of poorest provinces for a long time, was selected as China’s first national big data zone and has demonstrated one of the highest annual GDP growth rates in the nation.

Third, the government has been exploring new mode of engagement with established and emerging tech giants such as Baidu, Alibaba, and Tencent (BAT) and their younger peers which have been growing primarily outside of the state-owned sector. BAT have been chosen as national AI champions, and as part of the mixed-ownership reform, they were invited to invest in state-owned telecom behemoths for a greater integration of public and private sector digital resources in 2017. During the Two Sessions (China’s parliament sessions) in spring 2018, Chinese tech firms listed in overseas stock markets were invited to return to the Chinese stock markets.

Fourth, China has been promoting cyber-sovereignty through the control of cross-border data flow and the demand of data localization. Domestic and foreign companies are required to store data from China in China. Transnational corporations have been complying – via joint ventures with local, often state-owned partners – and complaining at the same time.

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When asked by Senator Dan Sullivan at the Senate hearing on April 10, 2018 on whether Facebook and Mr. Zuckerberg were too powerful, Mr. Zuckerberg redirected: “And when I brought up the Chinese Internet companies, I think that that’s a real strategic and competitive threat that, in American technology policy we should be thinking about.”

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Henry Kissinger lamented that “Other countries have made AI a major national project. The United States has not yet, as a nation, systematically explored its full scope, studied its implications, or begun the process of ultimate learning.” America’s ABC policy has been less systematic than China’s top-down, whole-of-government, national-strategy approach.

The Trump Administration’s ABC approach, if any, seems to center on economic security as an integral part of national security. The Department of Defense spent $7.4 billion in 2017 on ABC, and set AI as the cornerstone of America’s military dominance. Similar to other areas, the Administration is shifting from the multilateral approach to one of bilateralism. As importantly, the Administration has been more confrontational, accusing China of forced technology transfer and intellectual property theft, and threatening tariffs and other punitive actions. In particular, the Administration has demanded that the Chinese government give up its Made in China 2025 plan which aims to develop China’s ABC industries as world leaders.

The US inter-agency Committee on Foreign Investment in the United States (CFIUS) has been tightening scrutiny on Chinese investment in US critical infrastructure and technology. A bipartisan bill further expands and strengthens CFIUS oversight.

In addition to these protectionist measures, the Administration recently released a factsheet showcasing its AI efforts and achievement in terms of military and unclassified R&D investment, government service, regulatory barrier removal, talent training, and international collaboration. The White House Office of Science and Technology Policy (OSTP) organized an AI Summit with more than 30 American corporations and various federal agencies for better public and private AI coordination in May 2018. Although observers have different assessments on the Administration’s protectionist approach, it is time for the US to step up, starting with a long-term, more comprehensive tech policy framework, as well as greater investment in R&D.

While acknowledging the importance of ABC to national security and government efficiency, the federal government has been facing challenges such as 1) an aging IT infrastructure, 2) shortage of IT talent, and 3) tight budgets. Since President Trump took office, the Office of Science and Technology Policy (OSTP), the White House hub of innovation for the last four decades, has experienced substantial decline: the director position has not been filled and staff has dropped from 135 during the Obama administration to 45, and the majority have no science background

As media and pundits fixate on a binary US-China tech competition, both Washington and Beijing need to carefully gauge the benefits and costs of US containing or engaging China as a strategic competitor. ABC related policies and practices are at the frontline. Perhaps Wang Yi, the Chinese foreign minister, says it the best that the aim of US-China relations is about “self-transcendence rather than replacing each other.”

Dr. Wenhong Chen is  a visiting fellow at the East-West Center in Washington DC and associate professor of media and sociology at the University of Texas at Austin. She is serving as the chair of the Communication, Information Technologies, and Media Sociology Section of American Sociological Association (CITAMS). She can be contacted at

Tech and Higher Education

February 21, 2018

Tech and Higher Education

Universities pride themselves on producing creative ideas that disrupt the rest of society, yet higher-education teaching techniques continue to evolve at a glacial pace. Given education’s centrality to raising productivity, shouldn’t efforts to reinvigorate today’s sclerotic Western economies focus on how to reinvent higher education?

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CAMBRIDGE – In the early 1990s, at the dawn of the Internet era, an explosion in academic productivity seemed to be around the corner. But the corner never appeared. Instead, teaching techniques at colleges and universities, which pride themselves on spewing out creative ideas that disrupt the rest of society, have continued to evolve at a glacial pace.

Sure, PowerPoint presentations have displaced chalkboards, enrollments in “massive open online courses” often exceed 100,000 (though the number of engaged students tends to be much smaller), and “flipped classrooms” replace homework with watching taped lectures, while class time is spent discussing homework exercises. But, given education’s centrality to raising productivity, shouldn’t efforts to reinvigorate today’s sclerotic Western economies focus on how to reinvent higher education?

One can understand why change is slow to take root at the primary and secondary school level, where the social and political obstacles are massive. But colleges and universities have far more capacity to experiment; indeed, in many ways, that is their raison d’être.

For example, what sense does it make for each college in the United States to offer its own highly idiosyncratic lectures on core topics like freshman calculus, economics, and US history, often with classes of 500 students or more? Sometimes these giant classes are great, but anyone who has gone to college can tell you that is not the norm.

At least for large-scale introductory courses, why not let students everywhere watch highly produced recordings by the world’s best professors and lecturers, much as we do with music, sports, and entertainment? This does not mean a one-size-fits-all scenario: there could be a competitive market, as there already is for textbooks, with perhaps a dozen people dominating much of the market.

And videos could be used in modules, so a school could choose to use, say, one package to teach the first part of a course, and a completely different package to teach the second part. Professors could still mix in live lectures on their favorite topics, but as a treat, not as a boring routine.

A shift to recorded lectures is only one example. The potential for developing specialized software and apps to advance higher education is endless. There is already some experimentation with using software to help understand individual students’ challenges and deficiencies in ways that guide teachers on how to give the most constructive feedback. But so far, such initiatives are very limited.

Perhaps change in tertiary education is so glacial because the learning is deeply interpersonal, making human teachers essential. But wouldn’t it make more sense for the bulk of faculty teaching time to be devoted to helping students engage in active learning through discussion and exercises, rather than to sometimes hundredth-best lecture performances?3

Yes, outside of traditional brick-and-mortar universities, there has been some remarkable innovation. The Khan Academy has produced a treasure trove of lectures on a variety of topics, and it is particularly strong in teaching basic mathematics. Although the main target audience is advanced high school students, there is a lot of material that college students (or anyone) would find useful.

Moreover, there are some great websites, including Crash Course and Ted-Ed, that contain short general education videos on a huge variety of subjects, from philosophy to biology to history. But while a small number of innovative professors are using such methods to reinvent their courses, the tremendous resistance they face from other faculty holds down the size of the market and makes it hard to justify the investments needed to produce more rapid change.

Let’s face it, college faculty are no keener to see technology cut into their jobs than any other group. And, unlike most factory workers, university faculty members have enormous power over the administration. Any university president that tries to run roughshod over them will usually lose her job long before any faculty member does.

Of course, change will eventually come, and when it does, the potential effect on economic growth and social welfare will be enormous. It is difficult to suggest an exact monetary figure, because, like many things in the modern tech world, money spent on education does not capture the full social impact. But even the most conservative estimates suggest the vast potential. In the US, tertiary education accounts for over 2.5% of GDP (roughly $500 billion), and yet much of this is spent quite inefficiently. The real cost, though, is not the squandered tax money, but the fact that today’s youth could be learning so much more than they do.

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Universities and colleges are pivotal to the future of our societies. But, given impressive and ongoing advances in technology and artificial intelligence, it is hard to see how they can continue playing this role without reinventing themselves over the next two decades. Education innovation will disrupt academic employment, but the benefits to jobs everywhere else could be enormous. If there were more disruption within the ivory tower, economies just might become more resilient to disruption outside it.

Commentary: Global takeaways from Trump’s Davos Speech

January 27, 2018

Commentary: Global takeaways from Trump’s Davos Speech

 by John Lloyd

“When people are forgotten the world becomes fractured,” President Donald Trump observed to the Davos forum in his breathlessly-awaited speech Friday. That he himself was the fracturer-in-chief must have entered the minds of more than a few in the crowded hall.

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President Donald J. Trump–The American First Salesman

Many expected the speech to be a clash of civilizations: that of America First, the pursuit of national advantage, the raising of the barriers both to trade and to immigration – and that of cooperation, a lowering of borders and barriers, a privileging of free trade and – at least until recently – free movement of labor. Along with that, there was a zany, unpredictable often deeply unpleasant governing style, based heavily on tweets, and a hatred of news media – which in a post-speech Q-and-A he could not refrain from branding as “nasty, vicious…and fake.” (He got a few hisses and boos for that.)

But the speech was crafted for a kind of virtual togetherness, a merging of “America first” with everybody else as partners. America was certainly first, and Trump said he had put it there: the stock market had added $7 trillion, 2.4 million new jobs had been created and U.S. unemployment was at a new low “since my election.” This was good for everyone. And for many of the attendees there, they are part of the everyone. The top part, in the past, present and future.

Not surprising. The world economy is growing. The giants are growing especially rapidly, with India, at over 7 percent in 2017, growing faster than China, at 6.9 percent. Trump can tweet with delight: the International Monetary Fund, not a friend, says that his tax cuts approved by Congress last month will likely cause businesses to invest more, create more jobs. Most boats are raised by this tide – even perhaps, a little, poor old Britain, suffering side effects of Brexit before it’s got to the exit, growing by only 1.8 per cent in 2017 but forecast by a government treasury minister to do better than the 1.6 percent this year that several forecasts claim.

Trump did not hint at the widespread skepticism that this can last. William White, head of the Organisation for Economic Co-operation and Development’s review board, said that “all the market indicators right now look very similar to what we saw before the Lehman crisis, but the lesson has somehow been forgotten.” Even if that can be disregarded, many of those in Davos this past week spoke as much about reforms and shifts in attitudes and troubles ahead as of growth.

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India’s Prime Minister Narendra Modi defends Globalisation

Christine Lagarde, the IMF’s Managing Director, though happy about improvement, warned of a social disaster even while economies grow, saying that, in Europe, “working-age people, especially the young, are falling behind. Without action, a generation may never be able to recover.” Indian Prime Minister Narendra Modi gave a somber speech, arguing that “it feels like the opposite of globalization is happening…(it) cannot be considered less dangerous than climate change or terrorism.”

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IMF’s Managing Director, Christine Lagarde

Still more chillingly, Freedom House, the U.S.-based institute which surveys the progress of democracy, civil society, freedom of speech and the media round the world has produced a report headlined “Democracy in Crisis” – a grim reportage showing that democracy’s “basic tenets – including guarantees of free and fair elections, the rights of minorities, freedom of the press, and the rule of law – came under attack around the world.”

The new element in this from last time Freedom House looked is Trump and his radically anti-globalization, anti -free trade, anti-immigrant  rhetoric. The U.S. president’s actions have been milder – or thwarted – than his words, but even as he told Davos delegates that “America First does not mean America alone,” he stressed that he was taking steps to secure an immigration system “stuck in the past.”

Trump’s approach has fazed foreign political and business leaders and called into question some of the fundamentals of the Western world’s post-war assumptions – not least, that the United States was on the globalizers’ side.

Image result for WEF puts on a show for TrumpThe WEF puts on a show to butter up the egoistical President Donald J. Trump

The top people, bankers, industrialists, politicians, celebrities – the U.S. President is an unusual exception – are avatars of globalization. But the politicians among them mix with and solicit votes from ordinary people, who live their lives locally rather than globally and who are – in David Goodhart’s analysis – “somewhere” people as against the “anywhere” globalizers. The politicians know that in order to retain globalization and the benefits which flow from it, the “somewhere” people must share more in the fruits of globalization than they presently do. Unless that happens, the angry challenge to mainstream politics, to free markets and to capitalism itself will continue, grow and may become ungovernable.

Trump has made it clear in the past he despises the Davos crowd: his erstwhile friend and chief counselor, Steve Bannon, now out of the White House and presumably no longer on the President’s speed dial, has said that “I’d rather be governed by the first hundred people at a Trump rally than by the Party of Davos,” continuing, in the same interview, to note that blue-collar workers like his father and grandfather, were “more decent, and have the community’s well-being more than these guys.”

There was none of that disdain for the white-collar executives in Trump’s carefully-crafted Davos speech. Instead, the U.S. president touted his tax changes and the message the “there’s never been a better time to do business in America.”

However, globalization is a political as much as an economic movement, and in the end requires political support. The globalizers need at least the passive assent from those like the left-behinds, the somewheres, the people who have not done well out of the past decade since the financial crash and who will do much worse should the forecasts by experts like White and Lagarde prove well-founded. Every democratic leader must now be consumed with fear of a revolt, seeking policies which address that discontent and calms it, while trying to avoid even more debt on the nation’s balance sheet.

That’s a difficult trick – and one that democratic leaders must turn to now that the febrile anticipation of Trump’s speech is over and they descend from the snowy peaks of the Swiss Alps.

John Lloyd co-founded the Reuters Institute for the Study of Journalism at the University of Oxford, where he is senior research fellow. Lloyd has written several books, including “What the Media Are Doing to Our Politics” and “Journalism in an Age of Terror”. He is also a contributing editor at the Financial Times and the founder of FT Magazine.

The views expressed in this article are not those of Reuters News.

President Donald Trump at WEF in Davos, Switzerland

January 26, 2018

President Donald Trump at WEF in Davos, Switzerland

The following is the speech President Donald Trump delivered at the World Economic Forum at Davos, Switzerland on January. 26, 2018.

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I believe in America. As President of the United States I will always put America first just like the leaders of other countries should put their country first also. But America first does not mean America alone. When the United States grows, so does the world. American prosperity has created countless jobs all around the globe and the drive for excellence, creativity, and innovation in the U.S. Has led to important discoveries that help people everywhere live more prosperous and far healthier lives.–President Donald J Trump


It’s a privilege to be here at this forum an business and science diplomacy and people from world affairs gathered for many, many years to discuss how we can to advance prosperity and peace. I’m here to represent the interests of the America people and affirm America’s friendship and partnership in building a better world.

Like all nations represented at this great forum, America hopes for a future which everyone can prosper and every child can grow up free from violence, poverty, and fear. Over the past year, we have made extraordinary strides in the U.S. We’re lifting up forgotten communities, creating exciting new opportunities, and helping every American find their path to the American dream. The dream of a great job, a safe home and a better life for their children.

After years stagnation the nights is once again experiencing strong economic growth. The stock market is smashing one record after another, and has added more than $7 trillion in new wealth since my election. Consumer confidence, business confidence, and manufacturing confidence are the highest that they have been in many decades.

Since my election we’ve created 2.4 million jobs and that number is going up very, very substantially. Small business optimism is at an all-time high. New unemployment claims are near the lowest we’ve seen in almost half a century. African-American unemployment reached the lowest rate ever recorded in the United States and so has unemployment among Hispanic-Americans.

The world is witnessing the resurgence of a strong and prosperous America. I’m here to deliver a simple message. There has never been a better time to hire, to build, to invest and to grow in the United States. America is open for business and we are competitive once again. The American economy is by far the largest in the world and we’ve just enacted the most significant tax cuts and reform in American history. We’ve massively cut taxes for the middle class, and small businesses to let working families keep more of their hard earned money.

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We lowered our corporate tax rate from 35 percent all the way down to 21 percent. As a result, millions of workers have received tax cut bonuses from their employers in amounts as large as $3,000. The tax cut bill is expected to raise the average American’s household income by more than $4,000. The world’s largest company, apple, announced it plans to bring $245 billion in overseas profits home to America. Their total investment into the United States economy will be more than $350 billion over the next five years. Now is the perfect time to bring your business, your jobs, and your investments to the United States.

This is especially true because we have undertaken the most extensively regulatory reduction ever conceived. Regulation is stealth taxation. The U.S. Like many other countries unelected bureaucrats, we have, believe me, we have them all over the place, and they have imposed crushing and anti-business and anti-worker regulations on our citizens with no vote, no legislative debate, and no real accountability. In America those days are over. I pledged to eliminate two unnecessary regulations for everyone new regulation. We have succeeded beyond our highest expectations. Instead of two for one, we have cut 22 burdensome regulations for everyone new rule. We are freeing our businesses and workers so they can thrive and flourish as never before. We are creating an environment that attracts capital, invites investment, and rewards production. America is the place to do business, so come to America where you can innovate, create and build.

I believe in America. As President of the United States I will always put America first just like the leaders of other countries should put their country first also. But America first does not mean America alone. When the United States grows, so does the world. American prosperity has created countless jobs all around the globe and led the drive for excellence, creativity, and innovation in the U.S that has led to important discoveries to enable people everywhere to live more prosperous and far healthier lives.

As the United States pursues domestic reforms to unleash jobs and growth, we are also working to reform the international trading system so that it promotes broadly-shared prosperity and rewards to those who play by the rules. We cannot have free and open trade if some countries exploit the system at the expense of others. We support free trade but it needs to be fair and it needs to be reciprocal because in the end unfair trade undermines us all. The United States will no longer turn a blind eye to unfair economic practices including massive intellectual property theft, industrial subsidies, and pervasive state-led economic planning.

These and other predatory behaviors are distorting the global markets and harming businesses and workers not just in the U.S. But around the globe. Just like we expect the leaders of other countries to protect their interests, as president of the United States, I will always protect the interests of our country, our companies, and our workers. We will enforce our trade laws and restore integrity to our trading system. Only by insisting on fair and reciprocal trade can we create a system that works not just for the U.S., but for all nations.

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As I have said, the United States is prepared to negotiate mutually beneficial, bilateral trade agreements with all countries. This will include the countries within TPP, which are very important. We have agreements with several of them already. We would consider negotiating with the rest either individually or perhaps as a group if it is in the interests of all. My administration is also taking swift action in other ways to restore American confidence and independent. We are lifting self-imposed restrictions on energy production to provide affordable power to our citizens and businesses and to promote energy security for our friend all around the world. No country should be held hostage to a single provider of energy. America is roaring back and now is the time to invest in the future of America.

We have dramatically cut taxes it make America competitive. We are eliminating burdensome regulations at a record pace. We are reforming the bureaucracy to make it lean, responsive and accountable and we are insuring our laws are enforced fairly. We have the best colleges and universities in the world and we have the best workers in the world. Energy is an abundant and affordable. There is never been a better time to do business in America. We are also making historic investments in the American military because we cannot have prosperity without security. To make the world safer from rogue regimes, terrorism and revisionist powers, we’re asking our friend and allies to invest in their own defenses and to meet their financial obligations. Our common security requires everyone to contribute their fair share.

My administration is proud to have led historic efforts at the united nations security council and all around the world to unite all civilized nations in our campaign of maximum pressure to de-nuke the Korean peninsula. We continue to call on partners to confront Iran’s support for terrorists and block Iran’s path to a nuclear weapon. We’re also working with allies and partners to destroy jihad it terrorist organizations such as ISIS and very successfully so. The nights is leading a very, very broad coalition to deny terrorists control of their territory and populations, to cut off their funding and to discredit their wicked ideology. I am pleased to the support that the coalition to defeat ISIS has retaken almost 100% of the territory once held by these killers in Iraq and Syria. There is still more fighting and worked to be done. And to consolidate our gains. We are committed to insuring that Afghanistan never again become as safe haven for terrorists who want to commit mass murder to our civilian populations.

I want to thank those nations represented here today that have joined in these crucial efforts. You are not just securing your own citizens but saving lives and restoring hope for millions and millions of people. When it comes to terrorism we will do whatever is necessary to protect our nation. We will defend our citizens and our borders. We are also securing our immigration system as a matter of both national and economic security. America is a cutting-edge economy but our immigration system is stuck in the past.

We must replace our current system of extended family chain migration with a merit-based system of admissions that selects new arrivals based on their ability to contribute to our economy, to support themselves financially, and to strengthen our country.

In rebuilding America we are also fully committed to developing our workforce. We are lifting people from dependence to Independence because we know the single-best anti-poverty program is a very simple and very beautiful paycheck. To be successful it is not enough to invest in our economy.

We must invest in our people. When people are forgotten the world becomes fractured. Only by hearing and responding to the voices of the forgotten can we create a bright future that is truly shared by all. The nation’s greatness is more than the sum of its production and a nation’s greatness is the sum of its citizens, the values, pride, love, devotion and character of the people who call that nation home.

From my first international G-7 Summit to the G-20, to the U.N. General Assembly, to APEC, to the World Trade Organization and today at the World Economic Forum my administration has not only been present but has driven our message that we are all stronger when free, sovereign nations cooperate towards shared goals and they cooperate toward shared dreams. Represented in this room are shared dreams.

Represented in this room are some of the remarkable citizens from all over the worlds. You are national leaders, business titans, industry giants and many of the brightest mind in many fields. Each of you has the power to change hearts transform lives and shape your country’s destinies. With this power comes an obligation however, a duty of loyalty to the people, workers, customers, who made you who you are.

Together let us resolve it use our power, our resources and our voices, not just for ourselves but for our people, to lift their burdens, to raise their hopes and to empower their dreams. To protect their families, their communities, their histories and their futures. That’s what we’re doing in America, and the results are totally unmistakable. It’s why new businesses and investment are flooding in. It’s why our unemployment rate is the lowest it’s been in so many decades. It’s why America’s future has negative been brighter.

Today, I am inviting all of you to become part of this incredible future we are building together. Thank you to our hosts, thank you to the leaders and innovators in the audience but most importantly, thank you, to all of the hard-working men and women who do their duty each and every day, making this a better world for everyone. Together let us send our love and our gratitude to make them because they really make our countries run. They make our countries great. Thank you and God bless you all. Thank you very much.


The Globalist Donald will be welcome @WEF, Davos

January 26, 2018

The Globalist Donald will be welcome @WEF, Davos

Trump is the U.S. figurehead of the rebellion against globalization, but, to the intense relief of many Davos types, his is a Janus head, with two faces. Yes, he occasionally calls out individual C.E.O.s for moving their factories abroad. But that is only one side of the story. The Trump Administration is basically a plutocratic government in a populist overcoat.–John Cassidy

by John Casssidy

President Trump is off to Davos, Switzerland, to attend the annual World Economic Forum. Some commentators are billing the trip as a great showdown between the Make America Great Again populist firebrand and the globalist plutocrats who make up much of the Davos crowd. “Mr Trump, political agent provocateur, scourge of the global elite, blunt-speaking polite-society-gate-crasher, tribune of the deplorables, will indeed ascend the famous Swiss mountain and address well-heeled, bien-pensant, self-appointed leaders of the globalist establishment—right in the inner sanctum of their most sacred temple,” Gerard Baker, the editor-in-chief of the Wall Street Journal, wrote in a special Davos-themed section of the paper.

This framing is dramatic but a bit misleading. Far from being a vehement opponent of the globalization that Davos symbolizes, Trump is one of its beneficiaries and practitioners. As evidenced by the presence of a Trump Tower in Manila and a Trump International Golf Club in Dubai, he is a global brand. A considerable part of his real-estate business depends on rich foreign buyers at his U.S. condominium developments, who also helped him narrowly salvage his company during the 2009 financial crisis. And he has just signed into law a huge tax break for the same U.S.-based multinational corporations that help finance the World Economic Forum, from Google to Goldman Sachs.

To be sure, Trump rose to the Presidency partly because of his willingness to champion, at least verbally, the victims of globalization in the Rust Belt states and elsewhere. The protectionist moves he has made since entering the Oval Office, including, most recently, slapping hefty tariffs on imported solar panels and washing machines, don’t sit well with most Davos attendees, either. But, considered over all, the Trump Administration’s actions on trade have been less incendiary than its rhetoric, and those actions have to be considered in the context of the popular backlash against what Klaus Schwab, the Swiss academic who founded the World Economic Forum, refers to as the “phase of hyperglobalization.”

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Klaus Schwab and his Davos regulars are all too aware of the common perception that globalization has failed a lot of ordinary people. Indeed, they don’t necessarily deny this failure, and they are worried about its political implications. “Now what we see is that the people who have been left out, and who have suffered more from globalization and not profited from it, start to have thoughts of rebellion,” Schwab told Baker, in an interview. “We should also not forget that globalization has brought many benefits. We have to find the right balance between globalization and making sure that we maintain the social contract.”

Trump is the U.S. figurehead of the rebellion against globalization, but, to the intense relief of many Davos types, his is a Janus head, with two faces. Yes, he occasionally calls out individual C.E.O.s for moving their factories abroad. He also rails against the Word Trade Organization, which is supposed to police global commerce, for failing to crack down on Chinese copyright infringements and other abuses. But that is only one side of the story. The Trump Administration—with its tax cuts for corporations and the rich, its eagerness to strip away regulations in many sectors of the economy, and its aura of crony capitalism—is basically a plutocratic government in a populist overcoat. (And, now that Steve Bannon has been banished from Trump world, the overcoat is looking threadbare.)

Maintaining open markets isn’t the only thing corporate chiefs care about. What concerns them most is having a strong economy for their company’s products and maintaining an aggressively pro-business legal and regulatory environment. In Davos this week, they will happily sit through panel sessions on climate change and making globalization more inclusive. But, as Branko Milanović, a leading expert on global inequality who teaches at the CUNY Graduate Center, has noted, “Only in passing, and probably on the margins of the official program, will they get into the tremendous monopoly and monopsony power of their companies, ability to play one jurisdiction against another in order to avoid taxes, how to ban organized labor in their companies, how to use government ambulance services to carry workers who have fainted from extra heat (to save expense of air conditioning). They are loath to pay a living wage, but they will fund a philharmonic orchestra.”

No matter how many hard-pressed working-class voters gave their support to Trump in 2016, he clearly has no intention of impinging on corporations’ privileges. And, thus far, his residency at 1600 Pennsylvania Avenue has been accompanied by a buoyant domestic and global economy. At least some of the Davos attendees are bound to feel grateful. “It is hard to actually overstate how different it is when you meet with somebody and they ask, what is the one regulation we can change to make your business grow more quickly?” Roger Crandall, the boss of MassMutual, told the Wall Street Journal. Sir Martin Sorrell, the chief executive of the global advertising group WPP, said, “There is extreme optimism. It is remarkable the psychological difference—whatever you think of Trump—that he has brought.”

Judging by these comments, it seems likely that the American President will receive a surprisingly warm welcome when he lands in Switzerland. When he speaks on Friday, Trump may offend some sensibilities with his talk about putting America first and challenging other countries’ unfair trade practices. But don’t expect a great confrontation in the Alps.