Read more
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
List 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
About the author
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 paZia 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.
