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Towards a Better Global Economy - Policy Implications for Citizens Worldwide in the 21st Century (Paperback)
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Towards a Better Global Economy - Policy Implications for Citizens Worldwide in the 21st Century (Paperback)
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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 the 21st 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
international policies. 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 challenges with 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 shows that 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 public
interest and facilitate the exchange of ideas and policy dialogue.
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