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Product Description
The Next Convergence: The Future of Economic Growth in a Multispeed World (9780374159757): Michael Spence: Books. “The global economy is too complicated for slogans. Which is one reason why Michael Spence’s new book is so refreshing. Spence, who shared the Nobel Prize in economics with Joseph Stiglitz in 2001, has systematically investigated the origins of hypergrowth, the process through which national economies rise from poverty to relative prosperity. In The Next Convergence, he presents a nuanced, highly readable argument on the symbiotic, fraught relationship between today’s booming developing markets and the seemingly stagnant developed ones.”—Daniel Gross, The Washington Post “Cogent, comprehensive, and compelling, his book sorts out the issues, forces and trends driving 'the Inclusiveness Revolution,' the challenges facing China and India, and the impact on incomes, natural resources, and the environment.”—Glenn C. Altschuler, The Huffington Post “Michael Spence has written an intelligent, rational and humane book about the great economic event of our era: convergence, or the rapid rise of once poor countries. Anyone seeking a common-sense guide to the transformation under way need look no further . . . Readers will learn a great deal.”—Martin Wolf, The Financial Times “[A] sharp new book . . . It’s rare to hear an economist raise even theoretical doubt over such a deeply ingrained assumption in Western economies.”—Reuters “Michael Spence has long been pointing out the frictions that interfere with efficient markets . . . [He]has much to offer from a rich career in research, academia and global policymaking.”— The Economist“Contrary to his book’s title, Nobel Prize–winning economist Spence does less prognosticating than one might expect. Indeed, early on he shares a chart showing just how inaccurately economists predicted growth during the 1990s. Instead, he offers a comprehensive summary of the forces at play in today’s global economy: removal of trade barriers, the lightning-fast transfer of knowledge from developed to emerging economies, global demand, resources, the role of national and international governments, and the management (or not) of currency rates, among others. Spence’s style is pretty flat (Where’s John Kenneth Galbraith when we need him?), and he seems to underestimate the looming role of climate change in any economic scenario. Yet his status report could give attentive readers a more empowered role in their own economic future.”—Alan Moores, Booklist“In recent years, developing countries have become an increasingly important driver of growth in the world economy, bringing about the prospect of a new and multi-polar landscape of the global economy in which the traditional gap in living standards between developing and advanced countries may possibly disappear. Michael Spence has written a succinct and clear analysis of the forces behind this fascinating process that is immensely readable, yet does justice to the complexity of the issues involved. Among the many books written on the new world economy this is one of the most profound. A must-read for everyone interested in the mega-trends shaping the future of the world economy.”—Justin Yifu Lin, World Bank Senior Vice President and Chief Economist “Rarely does one find a book that is so powerful in its analysis, timely in its topic, relevant in its thinking, and clear in its exposition. Combining his Nobel Prize winning theoretical brilliance and unmatched operational experience, Professor Spence explains clearly complex multi-speed dynamics that are rapidly impa[6934] 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.
Shipping Weight: 2 pounds
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