Michael Spence, recipient of the Nobel Prize in Economic Sciences, 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 heated debate about how best to move forward in the post-GFC period and reset the balance between national and international economic interests, and between short-term fixes and long-term sustainability.
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.
Praise for The Next Convergence:
This is an easy-to-read, provocative and entertaining assessment of the economic and social changes ahead.BRUCE ELDER, SYDNEY MORNING HERALD
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