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The New Global Economy
Ten years ago, rich countries dominated the world economy, accounting for two-thirds of global GDP. Since then, their share has fallen to just over half. In ten years, it could decline to a mere 40%, with emerging markets producing most global output.
The pace of this shift in economic power is unprecedented, and raises as many questions as it does hopes. What will happen after globalization and (often) good policies have enabled virtually all developing countries to catch up with their richer peers? And how will incumbent powers respond to the new players that economic convergence is bringing to the fore – and to their demands for a greater say in global economic governance?
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Who Should Lead the World Bank?
Arvind Subramanian and Devesh Kapur Series: The New Global Economy 2012-02-17With Robert Zoellick departing in June as President of the World Bank, the Bank requires a new selection process that will enable it to choose the most qualified person, regardless of nationality. More importantly, it needs to identify the qualifications needed to run the Bank at a time when its role must be adapted to far-reaching global changes.... read Comments: 0 Recommended: 0 Read: 5720
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Capital Shrugged
Mark Spitznagel Series: The New Global Economy 2012-02-16
Capitalism’s greatest strength has been its resiliency – its ability to survive the throes and challenges of crises and business cycles to fuel innovation and economic growth. Today, however, more than four years into a credit crisis, this legacy is being called into question as never before.... read Comments: 20 Recommended: 1 Read: 11917
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The Eurozone’s Fork in the Road
Mario I. Blejer and Eduardo Levy Yeyati Series: The New Global Economy 2012-02-09The ECB's recent decision to lend unlimited funds to eurozone commercial banks at very low rates acknowledges the need to address a core drawback in the euro-architecture: the ECB itself. However the banks use the money, it is now clear that the eurozone’s future will be determined largely by the ECB.... read Comments: 5 Recommended: 0 Read: 11414
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New Year, Same Crisis
George Soros Series: The New Global Economy 2012-01-25
The measures introduced by the European Central Bank last December have relieved the liquidity problems of European banks, but have not cured the financing disadvantage of the highly indebted member states. Since high-risk premiums on government bonds endanger the capital adequacy of banks, half a solution is not enough.... read Comments: 5 Recommended: 1 Read: 18018
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Asia in the Year of the Dragon
Haruhiko Kuroda Series: The New Global Economy 2012-01-20This is the year of the “Black Water Dragon,” an astrological cycle that indicates change, but with a measure of calm, sensibility, and prudence. The people and governments of Asia certainly hope that this proves to be the case, but uncertainties – from within and without the region – are growing rapidly.... read Comments: 0 Recommended: 0 Read: 12541
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The Economics of Disaster
Justin Yifu Lin and Apurva Sanghi Series: The New Global Economy 2012-01-13
Exactly two years ago, on January 12, 2010, Haiti was struck by a devastating earthquake that killed more than 220,000 people and shattered the country’s prospects. The lesson of that catastrophe was clear: natural hazards are inevitable, but at every level we have the power to ensure that they do not become unnatural disasters.... read Comments: 1 Recommended: 0 Read: 14269
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Global Finance’s Supply-Chain Revolution
Andrew Sheng Series: The New Global Economy 2012-01-05As the 2008 financial crisis showed, a simple banking system based on collecting retail savings to fund the credit needs of borrowers has evolved into a highly complex – and global – supply chain. To restore trust and adapt to the growing needs of new markets, financial leaders must re-engineer it.... read Comments: 3 Recommended: 0 Read: 17034
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Restoring European Growth
Jim Leitner, Nuno Monteiro and Ian Shapiro Series: The New Global Economy 2011-12-27Since the eurozone debt crisis crisis erupted in Greece almost two years ago, EU leaders have failed to propose a solution that balances austerity and economic growth, without which confidence in the euro cannot be restored. Perhaps European policymakers should look to Argentina for the answer.... read Comments: 10 Recommended: 1 Read: 11383
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Who Will Fix the US Economy?
Henry Mintzberg Series: The New Global Economy 2011-12-22
An economy is simply an accumulation of transactions involving goods and services, mostly carried out by business enterprises. Their behavior is what matters, and this can be adequately perceived only on the ground, where the behavior occurs – where an economy is built, where it breaks, and where it must be fixed.... read Comments: 11 Recommended: 0 Read: 16692
| Emerging Markets’ Decade of Disruption | Javier Santiso 
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