GLOBALIZATION AND GROWTH: Implications for a Post-Crisis World

• What were the causes of the financial and economic crisis of 2008 – 09?

• What intellectual and policy mistakes prevented academics and policy makers from anticipating the crisis?

• What is the future of financial regulation—both domestic and international?

• What role did global macroeconomic imbalances play in the run-up to the crisis?

• What is the future of the export-led growth model, and what are the implications for developing countries?

• To what extent will government remain involved in the economy as a result of the crisis?

• What is the state of infrastructure policy and the outlook for growth-promoting infrastructure spending?

• What is the appropriate role of countercyclical fiscal policy in stimulating growth?

• How will the dynamics of climate change and shifting demographics affect developing-country growth?

• What are the implications of the crisis for the poorest?

This book has been prepared for the Commission on Growth and Development to evaluate the prospects for economic growth in developing countries in the wake of the global financial and economic crisis of 2008 – 09. It considers a range of questions, particularly with regard to the future of globalization and the policy implications of the crisis. It explores important issues pertaining to short-term, medium-term, and long-term growth and puts forward the latest policy ideas for fostering sustained economic growth in the developing world.

Written by prominent academics, policy makers, and practitioners, Globalization and Growth seeks to create a better understanding of the evolving dynamics of globalization and economic growth, with particular regard to developing countries, and to inform policy makers of possible policy options that address central concerns in this area.

Michael Spence is Senior Fellow at the Hoover Institution and Philip H. Knight Professor Emeritus of Management in the Graduate School of Business, Stanford University.

Danny Leipziger is Professor of International Business at the George Washington University and Vice Chair of the Commission on Growth and Development.