Challenges of globalization : imbalances and growth

Washington, DC : Peterson Institute for International Economics, Center for Social and Economic Research, 2008

Abstract: The last three decades of economic, social, and political development in the world have been nothing short of spectacular. Japan rose to become a great economic power after its defeat in World War II. Its success was followed by rapid growth in the East Asian Tigers—Hong Kong, Singapore, Taiwan, and South Korea. Thanks to Deng Xiaoping’s reforms in 1978, China has risen to become a global economic superpower. India is growing at a similar speed, with the former Soviet bloc joining in t ...; [read all] The last three decades of economic, social, and political development in the world have been nothing short of spectacular. Japan rose to become a great economic power after its defeat in World War II. Its success was followed by rapid growth in the East Asian Tigers—Hong Kong, Singapore, Taiwan, and South Korea. Thanks to Deng Xiaoping’s reforms in 1978, China has risen to become a global economic superpower. India is growing at a similar speed, with the former Soviet bloc joining in the growth feat, reaching an annual average growth rate of 9 percent in recent years. However, one of the greatest global booms ever is now ending following the eruption of a financial crisis that began in the United States and may spread to other regions. Global imbalances, exceedingly accommodative monetary policy and loose regulation have caused the current US financial crisis and global overheating, which has resulted in surging commodity prices and global inflation. In many countries, reform fatigue has followed the reform impetus of the 1990s. The current round of multilateral trade negotiations in the World Trade Organization, the Doha Round, is paralyzed. A major macroeconomic concern derives from the inordinate imbalances in international payments. China, Japan, Russia, and East Asian and oil-exporting countries have accumulated huge international reserves, while the United States has run a large and persistent current account deficit. Another worry is that inequality appears to have increased in the last two decades in virtually all countries. This book—based on the international conference on “Winds of Change: The Impact of Globalization on Europe and Asia” held in Kyiv, Ukraine, on March 23–24, 2007 and organized by Warsaw-based CASE-Center for Social and Economic Research and CASE-Ukraine—addresses the growing macroeconomic imbalances and the challenges of globalization and long-term economic growth, with a focus on Europe and Asia. Various aspects of the macroeconomic imbalances are the theme of the first six chapters. The second part of the book discusses how the capitalist model of economic development, which has delivered this growth, is developing or should evolve. The last two chapters consider options available to European policymakers to compete with and adjust to the rapidly growing East Asian Tigers and China. [compress]

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Field	Value
Description	Challenges of globalization : imbalances and growth / Anders Aslund and Marek Dabrowski, editors. - Washington, DC : Peterson Institute for International Economics, Center for Social and Economic Research, 2008. - XII, 284 p. : ill. ; 23 cm
Notes	Includes bibliographical references and index.
Numbers	ISBN: 9780881324181
Authors	Aslund, Anders Dabrowski, Marek
Classificazion	338.91 - Sviluppo e crescita internazionale
Thesaurus	Globalizzazione Sviluppo economico
Publishing location	Washington - [Place of pubblication]
Editor	Peterson Institute for International Economics, Center for Social and Economic Research - [Editor/publisher]
Country	United States
Language	English
ID file	18570
Permalink	https://inapp.infoteca.it/?ids=18570