By Jeremy Clift
(Version in Español, عربي)
We live in an increasingly globalized and interconnected world, helping to spread ideas, information, and technology ever more quickly. The globalized economy has created a complex and interlocking network of capital and trade flows that have brought major economic gains, lifting hundreds of millions of people out of poverty around the world.
But, as we have seen from the prolonged global financial crisis, our interconnectedness carries grave risks as well as benefits. With instant communication comes the risk of rapid contagion. There is, thus, a strong public interest in ensuring that global economic integration is supported by a coherent set of coordinated national macroeconomic policies and a harmonized international regulatory regime that addresses the fragilities in our global financial system.
The new issue of Finance & Development magazine looks at different aspects of interconnectedness. Kishore Mahbubani, dean of the National University of Singapore’s Lee Kuan Yew School of Public Policy and author of the forthcoming book The Great Convergence: Asia, the West, and the Logic of One World, argues that what he terms the global village increasingly requires global solutions to big emerging problems such as climate change.
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Filed under: Advanced Economies, Africa, Asia, Civil Society, Debt Relief, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Finance, Financial Crisis, Fiscal policy, Global Governance, Globalization, growth, Inequality, International Monetary Fund, Investment, Latin America, Low-income countries, Middle East, Multilateral Cooperation, Politics, Public debt | Tagged: Asian Development Bank Institute, capital, China, Christine Lagarde, Domenico Lombardi, Finance & Development magazine, financial crisis, Globalization, India, interconnected, Jeremy Clift, Justin Yifu Lin, Kemal Derviş, Kishore Mahbubani, lessons, Masahiro Kawai, Myanmar, New Structural Economics, Oxford Institute for Economic Policy, regional financial arrangements, taxation, trade, World Bank | 5 Comments »
By Anoop Singh
