Globalization and Growth - Implications for a Post-Crisis World : Commission on Growth and Development
The commission on growth and development was established in April 2006 as a response to two observations. While the author felt that the benefits of growth were not fully appreciated, the author recognized that the causes of growth were not fully understood. Growth is often overlooked and underrated as an instrument for tackling the world's most pressing problems, such as poverty, illiteracy, income inequality, unemployment, and pollution. At the same time, understanding of economic growth is less definitive than commonly thought, even though advice sometimes has been given to developing countries with greater confidence than perhaps the state of our knowledge will justify. Consequently, the commission's mandate was to 'take stock of the state of theoretical and empirical knowledge on economic growth with a view to drawing implications for policy for the current and next generation of policy makers.' This mandate has even more significance in the aftermath of the financial and economic crisis of 2008. As developing countries seek to repair the damage to their economies and to re-launch themselves on a sustained high-growth path, there has never been a greater need for fresh new ideas and approaches to achieving sustained high growth. There has been no dearth of commentary about what the crisis may mean, but in reality, until the bottom has been reached and the path to recovery is clear, it will be difficult to draw general lessons for the future. This collection of essays encompasses a variety of viewpoints and covers both medium- and long-term policy issues. It is said that more textbooks have become obsolete in 2009 than in any year since the great depression. As a corollary, much has been written that is worth reviewing in a volume on globalization. The papers look at the issue of globalization from diverse points of view and add insights and perspective to the recommendations of the growth report.
| Summary: | The commission on growth and development
was established in April 2006 as a response to two
observations. While the author felt that the benefits of
growth were not fully appreciated, the author recognized
that the causes of growth were not fully understood. Growth
is often overlooked and underrated as an instrument for
tackling the world's most pressing problems, such as
poverty, illiteracy, income inequality, unemployment, and
pollution. At the same time, understanding of economic
growth is less definitive than commonly thought, even though
advice sometimes has been given to developing countries with
greater confidence than perhaps the state of our knowledge
will justify. Consequently, the commission's mandate
was to 'take stock of the state of theoretical and
empirical knowledge on economic growth with a view to
drawing implications for policy for the current and next
generation of policy makers.' This mandate has even
more significance in the aftermath of the financial and
economic crisis of 2008. As developing countries seek to
repair the damage to their economies and to re-launch
themselves on a sustained high-growth path, there has never
been a greater need for fresh new ideas and approaches to
achieving sustained high growth. There has been no dearth of
commentary about what the crisis may mean, but in reality,
until the bottom has been reached and the path to recovery
is clear, it will be difficult to draw general lessons for
the future. This collection of essays encompasses a variety
of viewpoints and covers both medium- and long-term policy
issues. It is said that more textbooks have become obsolete
in 2009 than in any year since the great depression. As a
corollary, much has been written that is worth reviewing in
a volume on globalization. The papers look at the issue of
globalization from diverse points of view and add insights
and perspective to the recommendations of the growth report. |
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