Towards a Better Global Economy

This book sees seven distinguished aca demic economists and ten commentators examine the factors that are most likely to support beneficial economic growth in low, middle, and high income countries on behalf of the Global Citizen Foundation. Their Towards a Better Global Economy policy research project aims to sustain long-term global economic growth. This 521-page volume provides a thinking stimulus for all who worry about the future of the world. This is an important book that deserves to be widely, and critically, read. Michael Bassey, LSE Review of Books In Towards a Better Global Economy, a team of prominent economists reports on the longer-term implications of major global developmentsparticularly the fundamental economic forces that are shifting the center of gravity of the global economy toward Asiafor average citizens around the world. Their research shows that the politics, rules, and institutions of cooperation among nations have not kept up with the demands from citizens for changes in the global political order and suggests that unorthodox policies for promoting growth should play a greater role in lower-income countries. Justin Yifu Lin, Honorary Dean, National School of Development, Peking University, and former Chief Economist and Senior Vice President, the World Bank This book accomplishes what few others in the field have. It successfully speaks to the needs of the policymaker, the student and an informed citizenry. In language that is clear and jargon-free, the authors provide remarkably lucid analysis of the dynamics and impacts of globalization. They provide well reasoned and lucid prescriptions for both current and looming economic problems, while their crystal clear view of the global landscape provides policymakers with a guide for making their own informed economic and political decisions. The breadth of views makes it an invaluable resource in undergraduate and graduate courses which cover the complex issues around globalization. By addressing the role informed citizens can play in shaping globalization trends, and making the debates about economic issues understandable to diverse audiences, it is in a class by itself in terms of versatility. A must read. Ross Harrison, Georgetown University, School of Foreign Service For many years now it has been evident that many problems faced by nation-states cannot be tackled by them acting in isolation; national answers to problems created by interdependence have failed to provide real solutions. This book explains that the need for a global perspective will deepen in the decades ahead. Behrman and Fardoust have assembled together a notable group of experts who convincingly argue that core areas of public policy like economic growth, population mobility, trade, finance, and climate change need to be addressed from a global perspective; creating in turn new challenges for the institutions and mechanisms of global governance. This excellent book makes a solid contribution to the debate as to how the world economy needs to be managed in the 21st Century by nation-states, or by the not-necessarily-so-far-fetched concept of the citizen of the world. Santiago Levy, Vice-president for Sectors and Knowledge, Inter-American Development Bank This book provides a very persuasive discussion of the key global economic trends, and helps readers think through some of the main policy issues of our time: globalization, income distribution, and policy making in an increasingly connected world where citizens are becoming-and need to become-more involved in debates about economic policies. I particularly appreciated the emphasis on the need for a debate on the aspects of economic governance that should be addressed at national vs. global levels, particularly in countries undergoing fundamental changes such as those in the Middle East and North Africa. The book is important reading for those interested in where the world is going and how to think about solving some of the daunting problems the global economy will be facing. Adnan Mazarei, Deputy Director, Middle East and Central Asia Department, International Monetary Fund The global economy is shaped by powerful forces including trade, entrepreneurship, technology, communications, migration, politics, conflict, environment, and climate. And the financial and economic crises of the period since 2008 have shaken confidence and led to reappraisals of what policy and institutions can deliver in influencing these forces and their outcomes for the benefit of global citizens. This book, with contributions from some of the leading thinkers of our time, provides crucial insights into actions we can take now and the way our ideas can and should be changed by experience. It is very timely and of great value. Nicholas Stern, Lord Stern of Brentford, IG Patel Professor of Economics & Government, LSE, President of the British Academy 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 appropriate policy 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 open and 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 that might influence long-term growth trends and their distributional consequences. Ignazio Visco, Governor, Bank of Italy