The Future of Economic Growth in a Multispeed World
Farrar, Straus and Giroux
On Sale: May 10, 2011
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With the British Industrial Revolution, part of the worldâ€™s
population started to experience extraordinary economic
growthâ€”leading to enormous gaps in wealth and living
standards between the industrialized West and the rest of
the world. This pattern of divergence reversed after World
War II, and now we are midway through a century of high and
accelerating growth in the developing world and a new
convergence with the advanced countriesâ€”a trend that is set
to reshape the world.
Michael Spence, winner of the Nobel Prize in Economic
Sciences, explains what happened to cause this dramatic
shift in the prospects of the five billion people who live
in developing countries. The growth rates are extraordinary,
and continuing them presents unprecedented challenges in
governance, international coordination, and ecological
sustainability. The implications for those living in the
advanced countries are great but little understood.
Spence clearly and boldly describes whatâ€™s at stake for all
of us as he looks ahead to how the global economy will
develop over the next fifty years. The Next Convergence is
certain to spark a heated debate how best to move forward in
the post-crisis period and reset the balance between
national and international economic interests, and
short-term fixes and long-term sustainability.
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