The first World Bank Competitive Industries conference on “Making Growth Happen” is just two weeks away. There’s been a thrilling addition to the impressive roster of speakers: A Nobel Prize-winning economist, Professor Joseph Stiglitz of Columbia University, has agreed to deliver one of the keynote addresses on Wednesday, October 16.
What makes this particularly exciting is that Stiglitz – a former Chief Economist of the World Bank – will talk to us not only about his prior work, but will be giving us a taste of what’s coming next. His forthcoming book, co-authored with Bruce Greenwald, “Creating a Learning Society: A New Approach to Growth, Development, and Social Progress," promises to hold a wide range of policy implications.
In anticipation of the talk, and judging by his analyses on his website, I thought I’d share some of my reflections on this theme in Stiglitz’s work and on its relevance for us – as well as some questions that I hope we will tackle during the conference.
Advances in Development Economics
After the Second World War, advanced economies began an ambitious process toward capital account liberalization, which prioritized the liberalization of trade, the maintenance of fixed exchange rates, and a commitment to current account convertibility.
Gender equality can not only spur country competitiveness, but taking this aspect into account in trade related interventions can help obtain better outcomes. Often times, however, it can be difficult for practitioners to understand how to apply gender into their trade work.
There is indeed a gap between the literature and the type of trade interventions that are becoming increasingly important in the World Bank portfolio. The majority of the literature has focused on the relationship between gender equality as outcome and trade liberalization policies (measured usually by tariffs or openness to trade). While this type of liberalization and the exposure to the global environment is still a key area for support, there is only
In today’s interconnected world economy, efficient, reliable and cost-effective supply chains have become necessities in global trade. Trading in a timely manner with minimal transaction costs allows a country to expand to overseas markets and improve its overall economic competitiveness.
Europe and Asia provide two different models of integration and growth. The former relied on political willpower to create a unified common market; the latter based its integration on a buildup of regional trade, investments, and production networks—eschewing a formal link-up in political or monetary terms.
From Singapore to Shenzhen, Special Economic Zones—SEZs for short—have helped underpin the rapid export-oriented growth of East Asia. In an effort to replicate these sleepy-fishing-village-turn-thriving-metropolis success stories, many countries in the developing world have created economic zones of their own—and their growth has been dramatic.
Gender inequality and discrimination can affect many areas of life, from a women’s access to basic health services to her prospects for education and future earnings. Accordingly, in order to overcome these disparities, development practitioners have begun to collect gender-disaggregated data and address gender elements in the design and implementation of aid programs.
The global economic crisis uncovered many of the vulnerabilities of an increasingly integrated world. So much so, that even though we are now well on the path to recovery, many questions persist regarding the future risks of economic integration and openness.
There are reasons for a broad reassessment of economic integration.
Remittances, or the money migrant workers send home to their countries of origin, are finally recovering to pre-crisis levels. In 2010, remittance flows to developing countries reached $325 billion, and they are poised to continue growing sustainably through 2013, according to the World Bank’s latest Outlook for Remittance Flows 2011-13.