this is al jazeera, these you top stories, and he's 7 people have been killed and shootings in the u. s. state of california. they happen in 2 locations in the city of half moon bay, south of san francisco. a suspect has been detained. it comes in 2 days after mass shooting in los angeles, left 11 people dead. the motive for the shooting is currently unknown. through investigation, the suspect identified as chung lee's owl. as 67 year old, half moon bay resident at $440.00 p. m. now was located in his vehicle in the parking lot of the sheriff's sub station here and half moon bay. by a sheriff's deputy vow was taken into custody. without incident. germany says it won't stand in the way of poland wants to send high tech battle tanks to ukraine keep sees the german made hauled was crucial to its defense. on those days of pressure on berlin from ukraine's western allies, brazil's president louise and osceola to silver's promised to improve ties with argentina, which became strained under his predecessor jerry, a bull sanara is currently in one. is aries, on his 1st foreign trips and taking offices. mamma daniel lewis sign trade agreements with his argentinian count upon all betty fernandez opposition party leaders in towns near all welcoming a government decision to lifted van on political rallies. saturday. the main opposition party held its 1st public rally in 6 years. opposition leader to do lucy has announced plans to return home on wednesday of 2 years in exile a former high ranking f. b. i. agent has been accused of working for russian ali gawk in violation of un sanctions. charles mcgonagall has been indicted for helping sanctioned russian billionaire or leg their re, pasco, is pleaded not guilty to fall criminal charges including conspiracy and money laundering. okay, those the headlights, the knees continues here and i'll just air i'll take on counting the cost with me. oh, staging, musical admit, social resistance. only 2 words tells the story. oklahoma soon music. you couldn't escape this earth as every good was outlaw. news of the tooth problem with which the people love to fuse risk losing all new jersey i hello moline site. this is counting the cost on al jazeera this week from the corona virus pandemic to the war in ukraine. crisis upon crisis threatened to fracture the global economy off to decades of integration, ease, globalization, breaking down, or is it transforming? also this week, the wealth, richest one percent poked, had nearly twice as much wealth as every one else over the last 2 years. so how can the yawning inequality gap be bridged? and sweden discovers the largest deposit of rare earth metals in europe. we explore if this could help reduce the continent dependence on china. ah, the end of the cold war, free trade and technological advances of all helps create a global system that is acutely sensitive to what is happening. on the, on the side of the world. globalization has been credited for developing economies, increasing incomes, and lifting millions of people out of poverty. the pandemic and the war in ukraine is exposed. the fragility of that economic interdependence. europe has reduced its reliance on russian fossil fuels and cut off moscow from the west. financial system, the u. s. is in a trade with china. protectionism is on the rise and companies are moving supply chains closer to home. the perfect storm of events is pushing the wells, economic order at risk. the international monetary fund warns that declining international cooperation could shrink global output by up to 70 percent. the issue was high on the agenda, the world economic forum in divorce, where the un secretary general had some advice for the us and china. we risk work, i have goal, good, great fracture the decoupling of the world to largest economies. thorndike griff, that was clear to different sets of 3rd rules to dominance currencies to internets, and took on 3 things to that, that result of the officially intelligence. these is the last thing we need. so all we seeing the demise of globalization and percentage of trade that makes up global g d p is one important measure. let's take a look at this chart. as you can see, it peaked nearly 60 percent in 2008 exports as a share of global output have been flat or lower since the financial crisis. they dip sharply during the pandemic in 2020, but then they rose again in 2021 to almost 57 percent of global g d. p. and trade hit a record $28.00 and a half trillion dollars. that's here. to unpack all of that on join now by simon even it's for geneva, on preventive international trade and economic development at the university of st . gallon. thank you for joining the program. simon. always seeing the demise of globalization. we're not seeing the demise of globalization. what you're seeing is it's kind of like a run going from a sprint to a jog. essentially, we're seeing a deceleration in the growth along some dimensions, but still a massive, especially in digits, late digitally delivered services that's growing up in the classrooms. but do you think the benefits of globalization outweigh the jeer political problems that we've seen that it's help create on that? yes, the benefits of globalization would be enormous. just talk to the millions of hundreds of millions of asians who have been lifted out of poverty as a result of the product of the last 30 years. that has been dislocation, especially in those western countries that have been unable to retrain their labor forces out in educate them properly in the 1st place. so there is a problem that as for the geo politics, yes, they are awesome. supply chains, where you can find sort of critical materials in a small number of locations. but actually as people have looked into those, the number of those cases are far fewer than you would often think. it really, if you listen to some of the commentary, data does show that protectionists, trade policies have been growing faster than liberalizing ones in recent years. is the idea a free trade or trade without constraints finished on? thank you. all right, to cite the work from my team with donald collecting that information and what we are seeing is now governments, i think thinking again about full throttle globalization, not necessarily doing it in a non question manner. some of them have been acting, especially the big players, very strategically, over the past decade, also using protection tools. so you can revise, the publication has become a lot messy. but i still think it's the baseline against which policy is ultimately, just do you think it's gone too far? has globalization gone too far? obviously not actually. i think there's plenty of room for going further with globalization. but it will, again, this will happen if it's managed well internally and a lot of the problems we have the access gates liberalization is because people are fearful of losing their jobs and they don't think they're going to get a suitable job afterwards or get rehired. so we've got to find ways to support people with transition and in countries been do this, rob a, well, maybe the ones in northern, your countries like denmark, is a lot more support for globalization. i think that's the real lesson. but if we don't get all domestic labor market sorts now, then yes, there's going to be a constraint on how far mobilize ation going future in touch briefly on the vulnerabilities we've seen in supply chains as a result of the war and ukraine coded as well. one example is the shortage of medicine that we're currently seeing in europe. the world trade organization has said that re globalization is the answer. what exactly is re globalization and is that the future? so i think what the trade organization is trying to undertake heater is thinking of ways in which you can use globalization to diversify supply chains and limit the risk of being dependent on any one supplier. and i think the risk management perspective is a really small way of looking at this because no countries should be dependent on any one. so small sort of supplies, even including domestic suppliers and sometimes fall down on the job. and so i think it to the extent that re globalization is really extra risk management. and bennett, diversified sourcing. that makes a lot of sense. china, of course, one of the biggest beneficiaries of globalization, but things have changed a lot in recent years. it's now locked in a trade war with the united states. where do you see its relationship with the united states going could we see a 2 parallel supply chain system? the us china relationship is very fruit of the moment. i think we all beginning to see some attempt to try and define what prison find and boundaries or to the competition between these countries. we have not process goes forward, but it has been a rocky, you know, 5 or 10 years between, between them and to the extent of both the united states and china does find that they want to change their sourcing patent might be being less global, more regional than you are going to see, companies adjust, i think that is, that is potentially on the table with a lot of regionalization of supply chain. and by the way, i think a lot of the private sectors really moving in that direction. we're beginning to see that in some factors we transitioning, do you think into a new economic order, which is no longer dollar denominated? we are transitioning away from the globalization, becoming one of the $990.00 s. what we're going to want is still unclear. i don't buy the argument, we're splitting into 2 blocks. there will definitely be a western block, probably centered around the united states and a number of english speaking nations, possibly with the european union in there. but then when you turn to the large emerging market, so they're pretty clear that they don't want to be part of the western book. it's not clear, but there is no western countries operate much together. so if anything, i think we're, we're going off in a pretty nice situation where there's a lot of, of the blocks between the emerging market and maybe a western court. so in that sense, it's going to be pretty messy going forward. i think the idea that we're going to have to rigid blocks, like we saw during the cold war, goes to fall. it would be that easy to find a word. what do you think the consequences of d, globalization or i mean can, can the wills economies actually survive independently? i think the, the consequences of the globalization are going to be very severe for the cost of producing a number of goods. so we've benefited enormously from having large production runs by concentrating reduction in maybe a small number of places for different types of quantities. if you start chopping up those supply chains and new firms with much smaller production unit costs will be higher, prices will be higher, inflation will be higher. so this will stand, i think we will see in a hit to our living standards. if we move toward the globalization, and this is the part of the story which the advocates of the globalization, how are not sharing with, with the public actually fascinating to talk to you simon everett from geneva, professor international trade and economic development at the university of thank alan, thank you. thank you. the while, while globalization is credited for lifting millions of people out of poverty, it's also been criticized for increasing inequality and the world's billionaires have been racking up more wealth than everyone else. over the past 2 years, oxfam says that the wealthiest one percent amassed more than 40 trillion dollars in new wealth during that period. that's almost twice as much as the rest of the world combined. our fam says the fortunes of the wealthiest one percent of the population increased $2700000000.00 each day. a billionaire and around $1700000.00 for every $1.00 earned by the remaining 90 percent. and for the 1st time in a course of a century extreme wealth, an extreme policy increased simultaneously. their ports, at least 1700000000 employees live in countries where inflation is outpacing wage growth, causing hundreds of millions of people to go hungry. or some is calling for higher taxes for the rich. it says a 5 percent levy on the wealthy would raise about $1.00 trillion dollars a year. joining me now from london is pulls the gal rita in economics of development at the department of international development of kings college london . thank you for joining the show, sir. we've been discussing globalization in the show. how much is it to be blamed? the wealth inequality, again, my vision is a complex one. i mean, it's certainly true that people who are at the very top of the wealth distribution of benefit a lot from the mobility of capital and the bill of, of firms to, to invest across countries and, and trade across countries and increasing rate over the last several decades ago, but has also been pretty key in raising a lot of incomes at the bottom of the global income distribution. so countries like china and india, but a few decades at very high levels of poverty. they seem very rapid growth and including very rapid growth, low down to distributions that have been key to reducing poverty and therefore helping to mediate some extent the rising called you at the same time. so what is the reason behind this massive growth in wealth we're seeing the super rich. why do the ritual will become richer? so there's a long story short story. so the long run story is. ready past 4 decades, also the taxes on the very rich have gone down dramatically. and that means that the very rich have been able to increase the share of the pines global growth of the past several decades. the rich have been taking and increasing share that pi at the expense of everyone else. so that's a long story. then there's also the short run story of the last 2 or 3 years close by the co pandemic. and they, what we had was government injected very large amounts of money into the economy in order to stimulate the economy in order to reduce the recession, re fax of the code, the panoramic. now that was including to do government needed to do that to support the economy to. ready support people's incomes, but if you like a side effect of that, what would it massively inflated asset prices? which meant that it massively inflated the wealth of people who own the assets, which is of course, predominantly the very wealthy. so there's a disproportionate effect. increasing the wealth, very rich, which means now be a. ready particular opportune time, as people arguing to tax back some of that well in order to fund some of the public services that we so desperately need at this time. and where do you see this wealth gap going? i mean, of course, a lot of people struggling with high prices with inflation as the war and ukraine. what impact is that going to have on that wealth gap? so the one ukraine, it's led to a spike in prices of things like energy and foods. and those of course future much more heavily in the budget, the household budget people low down income distribution, poor and middle class household spend a much higher share their income on food and energy than do the very rich. so that increase in price. ready is certainly increasing inequality at the moment. now as we see that subside. ready hopefully, well, we don't know what can happen with the war, but hopefully those prices will start to come down to the next year or 2. and to some extent, we might see a partial reversal back. that's what i'm hopeful for. but of course, continental has any progress been made at all in tackling and equality. i would say a very interesting case here. this case of china, china had a very rapid rise and any quality optic opening up in the late seventy's and eighty's. as part of its rapid growth model. certain regions in particular grew very fast, whereas other stagnated. and that meant that they've been rapid riding and quoting china until a little bit after 2000 until the early 2, thousands. since then chinese been quite successful in increasing social spending on core effect to society would just have to be different. but also the key less, and i think that a lot of the world can learn from china if the china investor locked in is poor regions. so it took kind of a developmental based approach to the core areas to increase the productivity and through that to increase the wages of, of workers in puerto regions. and that's been highly successful in stabilizing and maybe even reducing any quality in china. and also more generally around the world, we see there's an increase movement towards stronger or the public pressure, let's say to stronger trade unions is a lot of labor activism. and historically labor activism has been one of the key drivers of producing any quality. so if we support baton, if governments are willing to support increased stronger trade unions, increased light activism and simple policies like rating minimum wages, those have been, those policies have been proven to reducing the quality historically and they can do it again. if the political will. you touched on tax, we've had from oxfam and, and all those doubles, calling for taxes on the super rich. it's not a new idea, but many governments have resisted it. why? the simple reason is that billionaires and the other very wealthy people tend to lobby governments to persuade them, not to do it. i mean, they're always inviting senior politicians to parties on the yachts. we know that happens. it's well documented. it's not even surprise to hear it, but it's not that we shouldn't be surprised either that after they come back from those parties on you're feeling a lot more friendly. ready to be and as and, and don't get inclined from some policies that they're likely to compromise the interest, but actually go deeper. the math and the bigger problem we have is not just as direct access to politicians for the fact the months for mainstream media is dominated by being that owners. so they're very able and, and do it all the time to get their media outlets to essentially promulgate their interests. the arguments are in their interests. and even when you have a very popular policy, like a wealth tax on the very rich, the extremely popular, the mainstream media coverage or bait. and they diminish it because they owned the meat out the cells and by the interests the policies were compromised. so do you think taxing the rich or taxing the big corporations is the solution in bridging that inequality is definitely a big part of the solution. i mean, the rich have a, have a very increased share of the pie compared to 40 years ago. and and that means that simple redistribution simply taking money from those who have excessive amounts of it and restricting it, redistributing it to others, especially by a public services and public investment that helps boost productivity and well being through the economy. that's certainly a large part of, of strategy we should be you introducing equality pretty good to talk to a poor seagal rita in economics of development at the department of international development at kings college london. thank you. thank you. they are found in phones, tv, computers, and batteries, rare earth minerals are an essential component of everyday products to spot the name. the 17 heavy muscles are found in abundance in many parts of the world. but mining and extracting them is costly and harmful to the environments. china dominates the market and know elements of mine, a tool in europe for discovery in sweden is hoping to change the continents for chance. a swedish stay own mining company says it's discovered europe's largest deposit of the minerals, the fun. l. k be announced. it's found more than a 1000000 towns of red oxides in corina, in the north. the u. s. has increased investment in to rival china's dominance of the market. i'm joined now by nobel, much harry from lou van in belgium. he is the executive officer and actually general at the global ret industry association. thank you for joining the program. mr. cherry. how significant is sweden's discovery of whereas, by numbers, it's quite significant. but we still need to, you know, see ah, you know, how, how much time it takes to develop that mine and what is the, you know, quality of that mind or not how much better element actually is. there are in a recoverable form. and also, as you know, that there are 17 elements within the sort of group. and how many of the rad doable loud up to like, you know? indeed your to me am plus your to me. i'm derby him on on dispos him are in that deposit, which is necessary for the, you know, for the high performance magnets which are yours. in the modern technologies, you know, like our laptops, mobile phones now when done of g turbine, sun, electric cars, so still low, but of what needs to be done to identify how economical would be the deposit to be mind. and what kind of time frame are we looking out for getting these rare materials into the market? going to the company itself, states, you know, it takes, you know, 15 years at least to develop this, the posting to have fully operational in line and, and best rule for many in or any mining project takes long time to develop. ah, an an, an, an, a, b, c? no. okay, we have the material now 151520 years is not bad because the demand we for see in next, you know, 25 years. so there are products that get birdie by this time. then there is a huge surge in demand. demand is actually going up. so it's a reasonable time that the more, you know, all the deposit up, get ready for the future demand. we talked about the potential harm to the environment in getting it out of the ground, but it's also very important for the future in terms of green energy, isn't it? how do you get that balance? right? and i said this misconception in the general breast that your mining is on for a specific amount of mining is harmful it's, it's not the case nor it's, you know, in some examples you have that, you know, mining has caused some environmental problems in countries. name is shiara, man, mar, but a countries like ever stern country like you know, spirit, it can be sustainably mind and brain goose on processed. and, and you said this is where the in bought. this is called industrial white means. now you don't need huge quantities like corporate or aluminum. you need tiny quantities off these elements, which is necessary for, you know, for the n o detention if he are going to drive the elect because in all over the world. and if you, if you are producing, giving technology new energy without carbon emissions, these are the ingredients that you need to have. we know that europe has been aiming to reduce its reliance on china when it comes to these kind of rare materials. we know the u. s. wants to rival at beijing's dominance, where do you see the market dynamics going? china has been working on china. good, a good, a deposit of these elements and it has been working last 30 years tirelessly to develop and, and move in the value chain. and actually china didn't day. kevin, this from western countries, actually we gave it like any other industry because of the, of the cost structure. so he gave, you know, all that thing to the, the, the, the developing world. ah, and, and then as there are also a number of projects you know, coming up in, in, in advanced countries like was failure, canada, a couple of african countries and also in south america, it, it bought off the demand that him demand will be so huge that no, can be single handedly can manage these demand and can produce even china states itself in a big cannot be the, the, the factory of the world, especially for these elements. and so, and i'm the end of the, you know, the, the global warming claim, a chain disagreeable problem. so we have to solve it, and we have to find solutions globally. ah, so, so this kind of elements produce all j. china can only meet the demand in europe or us, partially and, and china will still door me near the market in the settlement because to how built it on behalf all the capacity technology. ah, to do this. and david, david continued to drive this market in a, you know, in the near future when he got to talk to an appeal, non terry from live on, in belgium, executive officer and secretary general of the r e. i a, the global where s industry. thank you. thank you. thank you so much. and that is all shy for this week. get in touch with us by squeezing me at mullin site and they use the hashtag a j ctc. when you do all drop us an email, counting the coast al jazeera dot net is address this movie online on al jazeera dot com slash ctc. that will take you straight to our page, which has individual reports, links, an entire episode being new to catch up on that is it for this edition off counting the goldstein. money site from the whole team. thanks for joining us. the news on al jazeera is next ah ah february, and i just need a ride nose and tigers, in the old post to the brink of extinction. $1.00 to $1.00, he's discovered how they're 14 have been turned around a year on from russia's evasion of ukraine. jazeera looks at the impact asks where events might lead from here. rigorous debate, unflinching question. up front mark, lamont hill, cut through the headline to challenge conventional wisdom. nigerians vote in what's likely to be the most closely contested election in the country's history. from those that wielded to those who confronted people impala, investigate the youth and abusive power around the world. february on al jazeera, witness inspiring films from around the world. they saw lots of violence until the power is best witnessed. award winning voice is telling ground breaking stories. witness on al jazeera talk to al jazeera. we also do believe that women of afghanistan was somehow abandoned by the international community. we listen, we have a huge price for the wrong. i'm going to terrorism as going on for money. we meet with global news makers and talk about the stories that matter on al jazeera. ah i'm on insight into.