The Next Convergence: The Future of Economic Growth in a Multispeed World

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Farrar, Straus and Giroux, May 10, 2011 - Business & Economics - 320 pages

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.

 

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User Review  - wjmcomposer - LibraryThing

It had 5 stars right up to the end...where it lost one. As a previous update while I was reading it said, it's a brilliant book, and should be considered a must-read for anyone who wants or is going ... Read full review

LibraryThing Review

User Review  - wjmcomposer - LibraryThing

It had 5 stars right up to the end...where it lost one. As a previous update while I was reading it said, it's a brilliant book, and should be considered a must-read for anyone who wants or is going ... Read full review

Contents

Introduction
3
PART ONE THE GLOBAL ECONOMY AND DEVELOPING COUNTRIES
9
PART TWO SUSTAINED HIGH GROWTH IN THE DEVELOPING WORLD
51
PART THREE THE CRISIS AND ITS AFTERMATH
127
PART FOUR THE FUTURE OF GROWTH
185
Notes
275
Index
283
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About the author (2011)

Michael Spence is a Professor of Economics at the Stern School of Business at New York University, a senior fellow at the Hoover Institution, and was the chairman of the independent Commission on Growth and Development. Winner of the Nobel 2001 Prize in Economic Sciences, he lives in California and Italy.

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