2017b ), the imf and social protection : ieo survey of imf staff, background document no. bd / 17 - 01 / 03 ( 2008 ), a strategy for imf engagement on social spending, imf policy paper no. 19 / 016 lang and tavares ( 2018 ), the distribution of gains from globalization, imf working paper ridao - cano, cristobal ; bodewig, christian ( 2018 ), growing united : upgrading europe's convergence machine ( vol. 2 ) ( english ), washington, d. c. : world bank group www. bportugal. pt rossi, federico ( 2018 ), human capital and macro - economic development : a review of the evidence, policy research working paper no. 8650, ( washington : the world bank group ) standing, guy ( 2014 ), the precariat : the new dangerous class, bloomsbury academic schioppa, tommaso padoa ( 2010 ), “ markets and government : before, during, and after the 2007 - 20xx crisis ”, per jacobsson foundation, bis world bank ( 2018 ), inclusive growth : a synthesis of findings from recent ieg evaluations, washington, d. c. www. bportugal. pt appendix figures and tables from … gill, indermit s., raiser, martin ( 2012 ), golden growth : restoring the lustre of the european economic model ( vol. 2 ) : main report ( english ), europe and central asia studies, washington dc, world bank. www. bportugal. pt www. bportugal. pt ridao - cano, cristobal ; bodewig, christian ( 2018 ), growing united : upgrading europe's convergence machine ( vol. 2 ) ( english ), washington, d. c. : world bank group www. bportugal. pt www. bportugal. pt www. bportugal. pt www. bportugal. pt associacao empresarial de portugal ( 2019 ), dinamicas socioeconomicas regionais, aep estudos e estrategia www. bportugal. pt lang and tavares ( 2018 ), the distribution of gains from globalization, imf working paper www. bportugal. pt

of the education system or in territorial planning. www. bportugal. pt empirical evidence 2 points to social segregation in schools as a driver of skills inequality. the relatively poor performance by students from disadvantaged backgrounds is partly correlated to the fact that they are clustered together in lower quality schools. likewise, social housing policies should not bring about the creation of loser and winner communities. each community should include individuals considered winners and losers, in order for the former to be inspired by the latter and never stop believing they have equal opportunities to generate income. inclusive social housing is precisely one area of public policy that has benefited extensively from the expertise and contribution of the council of europe development bank, which has the noble mission of supporting social inclusion in europe. conclusion in conclusion, let me highlight the following key messages. • globalisation ’ s impact operates in at least two dimensions – income and employment. globalised trade impacts the level and distribution of income, but it also impacts the way employment is distributed across territories and across sectors. • redistribution will always be the reverse side of globalised trade. there will always be gains, but also losses … there will always be creation, but also destruction. low - skilled workers and sectors competing with imports are evident examples. studies show that redistribution costs rapidly surpass trade gains. and some of those costs are not reversible. when, for example, a given regional cluster disappears due to competition, it may never resurge again. • if there are no compensation mechanisms, discontent will rise. the european convergence machine has partially compensated for the impacts of globalisation through cohesion policies. public transfers are adequate as a first, more agile, response. ridao - cano, cristobal ; bodewig, christian ( 2018 ). www. bportugal. pt • however, public transfers won ’ t effectively solve the problem of loser communities, socially and geographically marginalised. this redistribution across communities has been shown to be empirically more important than redistribution across skill levels. without any other complementary policy, public transfers may generate dependency and destroy incentives. this problem can only be effectively solved o by adapting policy to the cultural preferences of those communities ; o by designing basic institutions in a way that every community is involved in the production process and becomes the owner of its own destiny ; o and by submitting globalisation to a set of basic rules ensuring everyone benefits from a fair level playing field and public intervention is dully framed. • in sum, a fine balance