2020
Yaroslav Lissovolik
Programme Director at the Valdai Discussion Club

Global multinationals such as Facebook and Google are becoming important factors in shaping the architecture of the global economy in a variety of areas: from the field of cybersecurity and access to users’ personal data to the creation of new types of currencies and taxation. Within the framework of this programme, such issues as the impact of the largest multinationals on the evolution of the global governance system and the development of “human capital” will be investigated, as well as competition for highly qualified specialists in the international arena, and the impact on capital flows and technologies between countries. Technological rivalry comes to the fore, and therefore the role of big technology companies and their regulation at the national and international levels is becoming an increasingly relevant issue, affecting national and international economic policy. In the coming years, we can expect further growth of the role of multinationals in the global economy and in global and regional value chains and an increase of their share in world GDP. However, the factors of protectionism, an increasingly active “industrial policy” and, possibly, the emerging system of international regulation of global companies will have a restraining effect on this expansion.

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