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"More and better jobs" is the underlying theme of this insightful new book. David Levine analyzes the current labor market in the U.S. and concludes that social policy must change to cope with the realities of the new economy. Although market forces are now moving U.S. enterprise toward high-skill and flexible workplaces, there is a shortage of workers with adequate skills in problem solving and teamwork. To combat this problem, the author presents an ambitious agenda of lifelong learning that will enable American workers to take advantage of the opportunities afforded by the new economic realities. Levine's analysis recommends specific government policies to encourage early childhood education, to improve schools, to help parents finance college, and to help students make the transition from school to work. He also discusses policies that will improve the regulation of workplaces. The book concludes with policy recommendations for individuals changing jobs, as well as for the unemployed, the disabled, and the poor.
Manufacturing-led development has provided the traditional model for creating jobs and prosperity. But in the past three decades the conventional pattern of structural transformation has changed, with the services sector growing faster than the manufacturing sector. This raises critical questions about the ability of developing economies to close productivity gaps with advanced economies and to create good jobs for more people. At Your Service? The Promise of Services-Led Development (www.worldbank.org/services-led-development) assesses the scope of a services-driven development model and policy directions that can maximize the model’s potential.
A Washington Post Notable Nonfiction Book for 2011 With the British Industrial Revolution, part of the world's population started to experience extraordinary economic growth—leading to enormous gaps in wealth and living standards between the industrialized West and the rest of the world. This pattern of divergence reversed after World War II, and now we are midway through a century of high and accelerating growth in the developing world and a new convergence with the advanced countries—a trend that is set to reshape the world. Michael Spence, winner of the Nobel Prize in Economic Sciences, explains what happened to cause this dramatic shift in the prospects of the five billion people who live in developing countries. The growth rates are extraordinary, and continuing them presents unprecedented challenges in governance, international coordination, and ecological sustainability. The implications for those living in the advanced countries are great but little understood. Spence clearly and boldly describes what's at stake for all of us as he looks ahead to how the global economy will develop over the next fifty years. The Next Convergence is certain to spark a heated debate how best to move forward in the post-crisis period and reset the balance between national and international economic interests, and short-term fixes and long-term sustainability.
This book is the first comprehensive account of how Australia attained the world's highest living standards within a few decades of European settlement, and how the nation has sustained an enviable level of income to the present. Why Australia Prospered is a fascinating historical examination of how Australia cultivated and sustained economic growth and success. Beginning with the Aboriginal economy at the end of the eighteenth century, Ian McLean argues that Australia's remarkable prosperity across nearly two centuries was reached and maintained by several shifting factors. These included imperial policies, favorable demographic characteristics, natural resource abundance, institutional adaptability and innovation, and growth-enhancing policy responses to major economic shocks, such as war, depression, and resource discoveries. Natural resource abundance in Australia played a prominent role in some periods and faded during others, but overall, and contrary to the conventional view of economists, it was a blessing rather than a curse. McLean shows that Australia's location was not a hindrance when the international economy was centered in the North Atlantic, and became a positive influence following Asia's modernization. Participation in the world trading system, when it flourished, brought significant benefits, and during the interwar period when it did not, Australia's protection of domestic manufacturing did not significantly stall growth. McLean also considers how the country's notorious origins as a convict settlement positively influenced early productivity levels, and how British imperial policies enhanced prosperity during the colonial period. He looks at Australia's recent resource-based prosperity in historical perspective, and reveals striking elements of continuity that have underpinned the evolution of the country's economy since the nineteenth century.
Addressing the big questions about how technological change is transforming economies and societies Rapid technological change—likely to accelerate as a consequence of the COVID-19 pandemic—is reshaping economies and how they grow. But change also causes disruption, creates winners and losers, and produces social stress. This book examines the challenges of digital transformation and suggests how creative policies can make it more productive and inclusive. Shifting Paradigms is the second book on technological change produced by a joint research project of the Brookings Institution and the Korea Development Institute. Contributors are experts from the United States, Europe, and Korea. The first volume, Growth in a Time of Change, was published by Brookings in February 2020. The book's underlying thesis is that the future is arriving faster than expected. Long-accepted paradigms about economic growth are changing as digital technologies transform markets and nearly every aspect of business and work. Change will only intensify with advances in artificial intelligence and other innovations. Investors, business leaders, workers, and public officials face many questions. Is rising market concentration inevitable with the new technologies or can their benefits be more widely shared? How can the promise of FinTech be captured while managing risks? Should workers fear the new automation? Are technology-driven shifts in business and work causing income inequality to rise? How should public policy respond? Shifting Paradigms addresses these questions in an engaging manner for anyone interested in understanding how the economic and social agenda is being transformed by today's winds of change.
While traditional welfare efforts have waned, a new style of social policy implementation has emerged dramatically in recent decades. The new style is reflected in a panoply of Community Economic Development (ced) initiatives—efforts led by locally-based organizations to develop housing, jobs, and business opportunities in low-income neighborhoods. In this book William H. Simon provides the first comprehensive examination of the evolution of Community Economic Development, complete with an analysis of its operating premises and strategies. He describes the profusion of new institutional forms that have arisen from the movement, amalgamations that cut across conventional distinctions—such as those between private and public—and that encompass the efforts of nonprofits, cooperatives, churches, business corporations, and public agencies. Combining local political mobilization with entrepreneurial initiative and electoral accountability with market competition, this phenomenon has catalyzed new forms of property rights designed to motivate investment and civic participation while curbing the dangers of speculation and middle-class flight. With its examination of many localities and its appraisal of the strengths and weaknesses of the prevailing approach to Community Economic Development, this book will be a valuable resource for local housing, job, and business development officials; community activists; and students of law, business, and social policy.