Trends in the world economy
The topic of our second week of lectures is the world economy at a glance and specifically the trends in income growth. Lucky for us, The Atlantic recently compressed the economic history of the last 2000 years into a single graph:
It is a story of the rise of the West and then the spread of growth and development to Japan, China, India, Brazil and the rest. It also raises questions about the challenges of globalisation, economic imbalances, and what the future holds after the financial crisis of 2007/08.
The current challenges are related to Europe and the euro, the growth and employment challenges in the US and slowdown of emerging economies. The issues are highlighted in the Storify summary of tweets below:
Your assignment is two fold:
- Prepare for class with some background reading: Start with the IMF’s World Economic Outlook from April 2012, for more recent info have a look at the World Bank’s daily and weekly propects blogs, and the latest issue of The Economist leads with a story of the US economy as the comeback kid.
- In each group one person has to write a post for this blog. The topic for this week is:
Will the West rule, or is the global economy re-aligning? What are the trends in the world economy and what are the challenges for future growth and development?