Towards a Better Global Economy: Policy Implications for Citizens Worldwide in the 21st Century

Hardcover | October 2, 2014

byFranklin Allen, Jere R. Behrman, Nancy Birdsall

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Substantial progress in the fight against extreme poverty was made in the last two decades. But the slowdown in global economic growth and significant increases in income inequality in many developed and developing countries raise serious concerns about the continuation of this trend into the21st century. The time has come to seriously think about how improvements in official global governance, coupled with and reinforced by rising activism of "global citizens" can lead to welfare-enhancing and more equitable results for global citizens through better national and internationalpolicies. This book examines the factors that are most likely to facilitate the process of beneficial economic growth in low-, middle-, and high-income countries. It examines past, present, and future economic growth; demographic changes; the hyperglobalization of trade; the effect of finance on growth;climate change and resource depletion; and the sense of global citizenship and the need for global governance in order to draw longer-term implications, identify policy options for improving the lives of average citizens around the world, and make the case for the need to confront new challengeswith truly global policy responses. The book documents how demographic changes, convergence, and competition are likely to bring about massive shifts in the sectoral and geographical composition of global output and employment, as the center of gravity of the global economy moves toward Asia and emerging economies elsewhere. It showsthat the legacies of the 2008-09 crisis - high unemployment levels, massive excess capacities, and high debt levels - are likely to reduce the standard of living of millions of people in many countries over a long period of adjustment and that fluctuations in international trade, financial markets,and commodity prices, as well as the tendency of institutions at both the national and international level to favor the interests of the better-off and more powerful pose substantial risks for citizens of all countries. The chapters and their policy implications are intended to stimulate publicinterest and facilitate the exchange of ideas and policy dialogue.

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Substantial progress in the fight against extreme poverty was made in the last two decades. But the slowdown in global economic growth and significant increases in income inequality in many developed and developing countries raise serious concerns about the continuation of this trend into the21st century. The time has come to seriously...

Franklin Allen is the Nippon Life Professor of Finance and Professor of Economics at the Wharton School of the University of Pennsylvania and co-director of the Wharton Financial Institutions Center. He is a former president of the American Finance Association. He has written three books with Douglas Gale, on financial innovation, comp...

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Format:HardcoverDimensions:544 pages, 9.21 × 6.14 × 0.98 inPublished:October 2, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198723458

ISBN - 13:9780198723455

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Table of Contents

1. Jere Behrman and Shahrokh Fardoust: Towards a Better Global Economy: Overview and Policy Options2. Dani Rodrick: The Past, Present, and Future of Economic GrowthKemal Dervis: CommentChang-Tai Hseih: CommentBranko Milanovic: CommentZia Qureshi: Comment3. Jere Behrman and Hans-Peter Kohler: Population Quantity, Quality, and MobilityRonald Lee: Comment4. Arvind Subramanian and Martin Kessler: The Hyperglobalization of Trade and its FutureBernard Hoekman: Comment5. Franklin Allen, Elena Carletti, Jun 'QJ' Qian, and Patricio Valenzuela: Does Finance Accelerate or Retard Growth? Theory and EvidenceStijn Claessens: CommentThorsten Beck: Comment6. Andrew Steer: Resource Depletion, Climate Change, and Economic GrowthJeremy Oppenheim: Comment7. Nancy Birdsall, with Christian Meyer and Alexis Sowa: Global Markets, Global Citizens, and Global Governance in the 21st CenturyPratap Mehta: Comment

Editorial Reviews

"In the aftermath of the global financial crisis, with future growth in advanced economies potentially slower, many developing economies are facing the risk of adverse implications for poverty reduction and development. This book pays much-needed attention to identifying the most appropriatepolicy responses, at both national and global level, to address looming risks and restore strong and sustainable growth while advancing social progress. The analyses and proposals are set to inform many ongoing policy debates about how to make progress, in a post crisis environment, towards an openand welfare-enhancing global economy. Critical issues such as global governance, the relationship between finance and economic growth, income inequality, and environmental sustainability are explored in depth, with a global perspective serving to detect and analyze key changes and challenges thatmight influence long-term growth trends and their distributional consequences." -Ignazio Visco Governor Bank Italy