Marcelo M. Giugale - Böcker

There is much discussion about global poverty and the billions of people living with almost nothing. Why is it that governments, development banks, think-tanks, academics, NGOs and many others can't just fix the problem? Why is it that seemingly obvious reforms never happen? Why are prosperity and equity so elusive? The revised second edition of Economic Development: What Everyone Needs to Know® brings readers right into the trenches of development policies to show what practitioners are actually doing and explains the issues, dilemmas, options, frustrations and opportunities they face, day in and day out. In straightforward language and a question-and-answer format, Marcelo M. Giugale outlines the frontier of the development practice or, as he puts it, "...the point at which knowledge stops and ignorance begins." He takes readers from why it is so difficult to get governments to function, to the basic policies that economies need to work well, the powerful new tools for social assistance, and the challenges of inclusion, education, health, infrastructure, technology, data, and foreign aid. Giugale gives no definitive, universal answers. They don't really exist. Rather, he highlights what works, what doesn't, and what's promising. Drawing from examples across the world, his overall message is clear: economic development, and the poverty reduction that goes with it, have never been more possible for more countries.

There is much discussion about global poverty and the billions of people living with almost nothing. Why is it that governments, development banks, think-tanks, academics, NGOs and many others can't just fix the problem? Why is it that seemingly obvious reforms never happen? Why are prosperity and equity so elusive? The revised second edition of Economic Development: What Everyone Needs to Know® brings readers right into the trenches of development policies to show what practitioners are actually doing and explains the issues, dilemmas, options, frustrations and opportunities they face, day in and day out. In straightforward language and a question-and-answer format, Marcelo M. Giugale outlines the frontier of the development practice or, as he puts it, "...the point at which knowledge stops and ignorance begins." He takes readers from why it is so difficult to get governments to function, to the basic policies that economies need to work well, the powerful new tools for social assistance, and the challenges of inclusion, education, health, infrastructure, technology, data, and foreign aid. Giugale gives no definitive, universal answers. They don't really exist. Rather, he highlights what works, what doesn't, and what's promising. Drawing from examples across the world, his overall message is clear: economic development, and the poverty reduction that goes with it, have never been more possible for more countries.

The global financial crisis of 2008-09 did not just change the global economic order. It also changed the way we think about that order. Principles and practices that were once accepted wisdom are now in doubt or discredited. New, fundamental questions opened. And the search for answers has barely begun. For the developing world, that conceptual uncertainty is particularly uncomfortable-through a mix of good policies and good luck, they had begun to achieve real progress. Will all that now be derailed? What does the new horizon bring to them? Can they find new policy ideas that will turn the shock of the crisis into a final run toward "developed" status? How does the future look when seen from various geographic regions? Those are the kind of questions that we asked, in the summer of 2010, to some 40 development professionals working at the World Bank. This book is an unfiltered collection of their views. As seasoned practitioners in the leading development institution, they have a unique perspective from which to visualize, we would dare say "to sense," what may be coming.Some of them look at the big picture of the role that the developing world is about to play, and how it will play it. Others walk us through the conceptual links around specific issues that will affect that world-say, the likely evolution of macro-financial regulation. And others take us to continents and countries, teach us about their realities, and tell us how things will differ in the coming years. Put together, they paint a picture of reasoned optimism.

Asia has shown the world what success in economic development looks like. From the amazing transformations of Japan, the Republic of Korea, and the other ‘tigers’ in the early 70s, to the more recent takeoffs of the People’s Republic of China (PRC), India, and the leading economies in Southeast Asia, the region has prospered at a startling pace. Technologies were adopted, productivity raised, and export markets conquered. Billions were lifted out of poverty. What was once a backwater is now a global engine of growth.That roaring progress was, however, fueled by a lesser-known factor: borrowing. Governments, corporations, and households financed their path to prosperity with debt—lots of debt. Today, the volume of debt hanging over Asian economies is huge, in both absolute and relative terms. It was growing fast before the pandemic and is projected to grow even faster because of it. Demography is bound to make matters worse in the long term. How sustainable is this? What should policy makers do to keep Asia’s finances stable? Should markets worry? These are the core questions of this book. Through a collection of chapters by renowned experts, a diagnosis of Asia’s debt accumulation is offered. The approach is both country- and issue-driven, so both idiosyncratic and common elements can be identified. Matters like Japan’s social insurance promises, the PRC’s state-owned enterprises, the Pacific islands’ aid dependency, and the saving habits of households in the Republic of Korea are dissected. As are trends that are present across countries, such as population aging, shrinking fiscal space, and contingent liabilities. This allows for a deeper understanding of what makes borrowing sustainable—or not. And it leads directly into policy recommendations, especially those involving the use of new financial instruments.The final product is a book whose comprehensiveness and practicality are unprecedented in the field. It will be equally invaluable for governments, investors, and scholars in Asia and beyond.