Barry Eichengreen, Yung Chul Park, and Charles Wyplosz (eds)
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199235889
- eISBN:
- 9780191717109
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199235889.001.0001
- Subject:
- Economics and Finance, South and East Asia
The rise of Asia, and China specifically, is the single most important force reshaping the world economy at the beginning of the 21st century. From a low of 20% in 1950, Asia's share of global GDP ...
More
The rise of Asia, and China specifically, is the single most important force reshaping the world economy at the beginning of the 21st century. From a low of 20% in 1950, Asia's share of global GDP has now risen to 33% and will exceed 40% within a generation if current forecasts are realized. Asia's growing weight in the world economy is elevating it to a central position in global economic and financial affairs. The potential global impact of this astonishing growth is far reaching, from oil markets and the environment to a reshaping of trade relations in the current multilateral system dominated by the WTO. This collection of chapters written by leading economists explores the likely impact of the rapid growth in the East Asian economies, and in particular China, on the world economy in the coming decades and the consequent challenges for the development of trade, macroeconomic, and environmental policy.Less
The rise of Asia, and China specifically, is the single most important force reshaping the world economy at the beginning of the 21st century. From a low of 20% in 1950, Asia's share of global GDP has now risen to 33% and will exceed 40% within a generation if current forecasts are realized. Asia's growing weight in the world economy is elevating it to a central position in global economic and financial affairs. The potential global impact of this astonishing growth is far reaching, from oil markets and the environment to a reshaping of trade relations in the current multilateral system dominated by the WTO. This collection of chapters written by leading economists explores the likely impact of the rapid growth in the East Asian economies, and in particular China, on the world economy in the coming decades and the consequent challenges for the development of trade, macroeconomic, and environmental policy.
Joseph E. Stiglitz
- Published in print:
- 2008
- Published Online:
- August 2013
- ISBN:
- 9780262162494
- eISBN:
- 9780262281331
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262162494.003.0004
- Subject:
- Economics and Finance, Econometrics
This chapter demonstrates how Keynes underestimated the pace of innovation as well as the rate at which capital could be accumulated and invested well. The possibility of solving “the economic ...
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This chapter demonstrates how Keynes underestimated the pace of innovation as well as the rate at which capital could be accumulated and invested well. The possibility of solving “the economic problem,” as referred to by Keynes, is already on hand. If the more than $48 trillion dollar global GDP were divided equally among the earth’s some six and a half billion inhabitants, each would have approximately $7,000, more than enough to bring everyone out of poverty. What Keynes constantly failed to acknowledge is the issue of distribution. While most of those in advanced industrial countries have more than enough to meet their economic needs, approximately half of the world still live on less than two dollars a day, with some one billion still living on less than a dollar a day. These individuals confront the economic problem of subsistence day in and day out; our society—and Keynes—has failed to provide an answer for them.Less
This chapter demonstrates how Keynes underestimated the pace of innovation as well as the rate at which capital could be accumulated and invested well. The possibility of solving “the economic problem,” as referred to by Keynes, is already on hand. If the more than $48 trillion dollar global GDP were divided equally among the earth’s some six and a half billion inhabitants, each would have approximately $7,000, more than enough to bring everyone out of poverty. What Keynes constantly failed to acknowledge is the issue of distribution. While most of those in advanced industrial countries have more than enough to meet their economic needs, approximately half of the world still live on less than two dollars a day, with some one billion still living on less than a dollar a day. These individuals confront the economic problem of subsistence day in and day out; our society—and Keynes—has failed to provide an answer for them.
