Shifts and shocks. What the financial crisis has taught us and still has to teach

19,99

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Shifts and shocks. What the financial crisis has taught us and still has to teach

19,99

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Only 1 available

Two huge forces are changing the face of the world economy: the rapid shift in economic power from a declining West to a rising East, and the shocks caused by waves of financial crises that have swept high-income countries. These are profound, lasting and interconnected changes that will shape the world for decades to come. The shift reflects a reversal of a century and a half of economic divergence that left citizens of high-income countries with a virtual monopoly on the outcome of the industrialization process. Yesterday's differences in growth between high-income and emerging market economies have led to a rapid convergence in terms of income today. But while this convergence is desirable in itself, it also poses significant challenges for the global economy. Financial shocks substantially amplify these challenges. They led to a long process of de-leveraging and slow growth in high-income countries, and a particularly severe crisis in the fragile eurozone. Moreover, the global economic shift has created the conditions for these shocks, most notably global macroeconomic imbalances and a downward trend in wages.

Barcode: 9785932554609 SKU: 70107817 Category:
Publication language: Russian

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