New Global Dynamics: Managing Economic Change in a Transforming World

by Zia Qureshi (Editor), Daehee Jeong (Editor)

Overview

The world faces a conflux of powerful forces of change. Digital technologies and advances in artificial intelligence are transforming markets, economies, and societies. Global geopolitics is shifting, and the rise of China is challenging the postwar international order led by the United States. Geopolitical tensions are elevated, and so are political polarization and societal anxieties within countries as change creates winners and losers. Nationalist industrial policies and protectionism are surging. Added to this mosaic of change is climate change, which will have profound effects on global patterns of production, investment, and trade.

New Global Dynamics analyzes the implications of these transformations and addresses the new challenges institutions and policymakers face at national and global levels. It examines how these changes are affecting the global economy, the future of globalization, international power structures, and competition in markets, delving into the shifting dynamics in industry, trade, and finance.

International cooperation has become more daunting, but it is essential in matters ranging from the regulation of new technologies to trade policies to global finance to climate transition. In a more contested world, a rules-based international order has become even more critical

Product Details

ISBN-13:	9780815740858
Publisher:	Bloomsbury Academic
Publication date:	11/01/2024
Pages:	318
Product dimensions:	6.00(w) x 9.00(h) x 0.75(d)

About the Author

Zia Qureshi is a senior fellow in the Global Economy and Development program at Brookings. His research covers a broad range of global economic issues. He has recently led research projects at Brookings on technology, globalization, and the shifting growth and distribution dynamics in the world today. He previously worked in leadership positions at the World Bank and the IMF, including serving as director, Development Economics, at the World Bank. He led several World Bank and IMF flagship publications. He holds a D.Phil. in economics from Oxford University, where he was a Rhodes Scholar.

Daehee Jeong is a senior fellow and director of the Department of Macroeconomic and Financial Policies at the Korea Development Institute (KDI). He previously led the Office of Global Economy at KDI and served as a senior economist at the World Bank. With expertise in international finance, macroeconomic forecasting, and financial regulation, his research has appeared in KDI papers, studies, and academic journals, with a particular focus on Korea’s macroeconomic management and policy planning. He holds a Ph.D. in economics from the Texas A&M University.

Table of Contents

Foreword

Changwoo Nam and Brahima Coulibaly

Acknowledgments

1. OVERVIEW: Challenges of Managing Transformative Change in the Global Economy

Zia Qureshi and Daehee Jeong

I. THE FUTURE OF GLOBALIZATION

2. The New Logic of Globalization: Uncertainty, Volatility, and the Digital Economy

Laura Tyson, John Zysman, and Brian Judge

3. Globalization and the Asian Century

Wonhyuk Lim

II. NEW INDUSTRIAL DYNAMICS

4. Digital Transformation, Digital Markets, and Economic Strategy

Diane Coyle

5. Double Standard: Economic Policy is Mostly Industrial Policy

Justin Yifu Lin and Célestin Monga

III. NEW TRADE DYNAMICS

6. Digital Trade Policies and International Cooperation

Bernard Hoekman

7. Global Value Chains in a Changing World

Siwook Lee

IV. NEW FINANCIAL DYNAMICS

8. The Implications of Digital Technologies for the International Monetary System

Eswar Prasad

9. Strengthening the Global Financial Architecture

Joon-Ho Hahm and Woo Jin Choi

Contributors

Index

Editorial Reviews

Technology and geopolitics are two of the several forces examined in this book that are transforming national and global economies. This excellent collection of articles by thoughtful scholars, including some well-known names, can help us to think deeper and more broadly about the implications of these forces.”

Shang-Jin Wei

New Global Dynamics tackles the complex and rapid structural change in the global economy and its drivers. Invaluable insights from distinguished authors will help readers understand and then navigate and manage through these transformative changes.”

Michael Spence

Qureshi and Jeong have compiled a tour de force on the shifts reshaping the global economy. From US-China competition and geoeconomic fragmentation to the AI revolution and climate change, this volume offers crucial insights into how these forces are altering patterns of production, trade, investment, and finance, upending longstanding power structures. A valuable resource for understanding a rapidly evolving and uncertain outlook.”

Ian Bremmer

Geopolitics and new digital technologies are transforming the world as we know it. Qureshi and Jeong have assembled a most exceptional collection of experts to draw out the implications.”

Barry Eichengreen