The Next Convergence · The Future of Economic Growth in a Multispeed World by Spence, Michael -- Read -- Imperial Library of Trantor

Index

Title Page Epigraph Table of Contents Preface Introduction PART ONE - The Global Economy and Developing Countries

1. 1950: The Start of a Remarkable Century 2. Static Views of a Changing World 3. Postwar Changes in the Global Economy

A Study in Contrasts The Overall Picture After World War II Economists’ Forecasts

4. The Origins of the Global Economy

5. Economic Growth

Why Are We Interested in Growth? Leadership and Politics Where Does Growth Come From? Parallel Development: Prerequisites in Small Steps

6. Common Questions About the Developing World and the Global Economy

Foreign Aid and Growth Where Is the Income in the Global Economy? Poverty in the Developing Economies? How Big Is the Chinese Economy? Where Is India in Relation to China?

PART TWO - Sustained High Growth in the Developing World

Tangible and Intangible Assets Intellectual Property

10. Global Demand and Catch-up Growth 11. The Internal Dynamics of Sustained High Growth 12. Key Internal Ingredients of Sustained High-Growth Recipes

Reliance on Markets and Incentives Growth Is Driven by Continual Structural Change Protecting People and Not Jobs Investment and Savings Savings Matter Public-Sector Investment: Education and Infrastructure as Public Goods Malnutrition Among Children The Productive Deployment of Underutilized Resources Urbanization Inclusiveness and Equity

13. Opening Up: An Issue of Speed and Sequencing 14. The Washington Consensus and the Role of Government 15. Managing One’s Currency in the Course of Growth 16. The Middle-Income Transition 17. The Political, Leadership, and Governance Underpinnings of Growth

Economic Freedom Growth and the Form of Government

18. Low-Growth Economies in the Developing World 19. Natural Resource Wealth and Growth 20. The Challenge for Small States 21. The Adding-Up Problem

PART THREE - The Crisis and Its Aftermath

Periodic Instability Self-Regulation

24. Stimulus in the Crisis and the Need for Cooperative Behavior 25. Rebalancing the Global Economy and Its Consequences for Growth

The Forward-Looking Version of Global Imbalances Surpluses and Reserve Accumulation in Developing Countries The Excess-Savings Issue

26. The Excess-Savings Challenge in China 27. The Openness of the Global System and the WTO 28. Legacies of the Crisis: Slow Growth and Sovereign-Debt Issues in Advanced Countries 29. Periodic Systemic Risk and Investment Behavior

Non-Stationary Components of Overall Risk Responding to Periodic Systemic Risk Regulatory Reform Liquidity and Risk What Does This Mean for Investment Strategy?

PART FOUR - The Future of Growth

30. Can the Emerging Economies Sustain High Growth? 31. China and India 32. China’s Structural Challenges 33. India’s Growth, Diversification, and Urbanization 34. Brazil’s Growth Reset 35. Energy and Growth 36. The Challenge of Climate Change and Developing-Country Growth

Developing Countries The Data How Do We Get to Safe Levels Over Time? Implementation Carbon Credit Trading

37. Information Technology and the Integration of the Global Economy

Fixed and Cell-Phone Penetration History The Economic Impacts of Network-Based Information Technology Automation Search, Information, and Transactions Is There a Downside to All This? The Internet Bubble Accessing Human Talent Globally The Distribution of Benefits Cell Phones and the Developing World

38. European Integration and Transnational Governance 39. Global Governance in a Multispeed World

Global Governance in the Run-up to the Global Financial Crisis The Global Crisis Response: Effectiveness Postcrisis Global Policy Response: Dilution Looking Forward Management of the Global Economy in the Past Twenty-five Years How Can We Make Progress on the New Architecture? The Global Economy at a Crossroads

40. The G20, the Advanced Countries, and Global Growth

Growth and Employment Problems in Advanced Countries Global Coordination

41. Sustaining Growth: The Second Half Century of Convergence

Also by Michael Spence Notes Index Copyright Page