Michael Spence

A Washington Post Notable Nonfiction Book for 2011 With the British Industrial Revolution, part of the world’s population started to experience extraordinary economic growth—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 countries—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 what’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.

The Future of Economic Growth in a Multispeed World

The Next Convergence

With the Industrial Revolution, part of the world’s population (Europe, America, and Japan) started to experience extraordinary economic growth yet four-fifths of humanity remained mired in poverty. Till the Second World War the world remained a profoundly unequal place. Then the pendulum began to swing the other way. Some countries, mainly in Asia, started growing at unprecedented rates at about 7 percent a year. More recently, the two most populous countries in the world—China and India—have begun to grow at rates close to 10 percent. This convergence between the developing and developed worlds—a revolution just as profound as the Industrial Revolution—is reshaping the world today argues Nobel Prize-winning economist Michael Spence. Spence looks at what caused this dramatic shift, the implications of this new convergence, and the challenges these growing economies face. He argues that maintaining the high growth rates in developing countries presents serious difficulties for them in governance, international coordination, and ecological sustainability. The implications for those living in the advanced countries are also great but little understood. The Next Convergence is big picture economics at its finest—a lucid, deeply intelligent analysis of the global economy and a riveting introduction to the most critical debates today.

The Future of Economic growth in a Multispeed World

مستقبل النمو الاقتصادي في عالم متعدد السرعات

Gordon Brown

Mohamed El-Erian

Reid Lidow

'Offers hope and good sense in equal measure' Ian Bremmer 'A sensible plan for reform that can help us create a fairer and more equitable world' Sheryl Sandberg Problems are mounting. We face sputtering growth, an escalating climate emergency, worsening inequality, poor policy responses, increasing nationalism and a decline in global co-operation. But a permacrisis need not be permanent. In this book, three of the most internationally respected and experienced thinkers of our time, Gordon Brown, Mohamed A. El-Erian and Michael Spence, writing with Reid Lidow, explain where we’ve gone wrong and set out what could be done to bring about a brighter future for generations to come. They look beyond today’s headlines and political rhetoric to offer a bold, big-picture vision and nuanced, achievable solutions for fixing our broken approaches to growth, economic management, and governance. The world is changing. What that change looks like is up to us.

A Plan to Fix a Fractured World

Permacrisis

David Brady

Does leadership affect economic growth and development? Is leadership an exogenous determinant or an endogenous outcome of growth and development processes? Can we differentiate between the two? Do leaders decisions and actions vary in importance over various stages in the process, at least in successful cases? How important is choosing the right economic model? To what extent does leadership affect the explicit or implicit time horizons of policy choices? Is leadership an important determinant of inclusiveness in growth? In what ways do leaders build consensus or institutions to allow time for the economic plan to work? What challenges does economic success generate? How do successful leaders adapt to new problems such as income inequality and a rising middle class? Does the creation of new institutions play any role in solving these problems? Why do leaders often choose second best political economic compromises in economic development? This book has been prepared for the Commission on Growth and Development to evaluate the state of knowledge on the relationship between leadership and economic growth. It does not pretend to provide all the answers, but does review the evidence, identify insights and offers examples of leaders making decisions and acting in ways that enhance economic growth. It examines a variety of topics including leaders roles in: promoting national unity, building good solid institutions, choosing innovative and localized policies, and creating political consensus for long run policy implementation. Written by prominent academics and actual policy makers, Leadership and Growth seeks to create a better understanding of the role of leadership in growth and to encourage further studies of the role of leadership in economic growth.

Leadership and Growth

Morning’s Curtain is a collection of poems written by author, Michael Spence. With headings such as I Am . . . Hope, Never Quarantine Your Dreams, We Died For You, and Roll Back Your Stone, his poems will warm your heart and invigorate your soul. His poetry reminds us that—in good times or bad—the currency we exchange with each other must always be hope. With each rise of Morning’s Curtain, our hope for a better today and brighter tomorrow rises with it.

Poems to Inspire Your Soul

Morning’s Curtain

A Washington Post Notable Nonfiction Book for 2011 With the British Industrial Revolution, part of the world's population started to experience extraordinary economic growth—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 countries—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 what'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.

Lovecraft is your typical government genetically altered kind of dude, no big deal. But one day, in his brother Poe’s penthouse, while exuberantly celebrating, that all changed. His activities introduce and infuse his system with hypernites, an advanced version of what we would know as nanites. They have fused with his system on every level, right down to the quantum existence. Needless to say, this makes him all but godlike in stature. And like giving a monkey a lit torch, he immediately sets to burning himself as well as those around him. (Good times!) And so, in a whirlwind of action, adventure, tears, and chuckles, he is thrown headfirst into the multiverse. He meets some of his counterparts in parallel worlds, mostly to both of their dismay. (Not all alternate worlds are ruled by humans.) He also travels dimensions that should not only never be traveled but are probably best not even mentioned—all in hopes of stopping an ancient plot to undo all that has been created and the ancient enemy that is orchestrating it. So, if you’re looking for a story that puts the fun back into the apocalypse and is full of twists and turns, well, my friends, then Entangled is the surprise you’ve been waiting to love!

Entangled

Patricia Clarke Annez

Robert M. Buckley

Why is productivity higher in cities? Does urbanization cause growth or does growth cause urbanization? Do countries achieve rapid growth or high incomes without urbanization? How can policy makers reap the benefits of urbanization without paying too high a cost? Does supporting urbanization imply neglecting rural areas? Why do so few governments welcome urbanization? What should governments do to improve housing conditions in cities as they urbanize? Are innovations in housing finance a blessing or a curse for developing countries? How will governments finance the trillions of dollars of infrastructure spending needed for cities in developing countries? First in a series of thematic volumes, this book was prepared for the Commission on Growth and Development to evaluate the state of knowledge of the relationship between urbanization and economic growth. It does not pretend to provide all the answers, but it does identify insights and policy levers to help countries make urbanization work as part of a national growth strategy. It examines a variety of topics: the relevance and policy implications of recent advances in urban economics for developing countries, the role of economic geography in global economic trends and trade patterns, the impacts of urbanization on spatial inequality within countries, and alternative approaches to financing the substantial infrastructure investments required in developing-country cities. Written by prominent academics in their fields, Urbanization and Growth seeks to create a better understanding of the role of urbanization in growth and to inform policy makers tackling the formidable challenges it poses.

Urbanization and Growth

Danny Leipziger

The volume provides a comprehensive overview of the financial and economic crises of 2008-2009 and the economic and financial policy implications for growth in developing countries.

Implications for a Post-Crisis World

Globalization and Growth

Maureen A. Lewis

This book containes a series of "state of the art" essays on topics related to health and growth. The Commission on Growth and Development (CGD)--in preparing its own Growth Report--wished to take stock of the current state of knowledge and understanding of economic growth, and thus commissioned a series of essays on a range of thematic areas. One such area is health. The following questions are discussed in the book:Does investing in health raise economic growth? Can governments achieve rapid growth or high incomes without investing in health? What are the options and benefits of different an.

Health and Growth

Olivier Blanchard

Joseph E. Stiglitz

David Romer

Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner

Michael Spence

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