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This publication was prepared by the UNCTAD secretariat to commemorate the first three decades of the Trade and Development Report (TDR) - UNCTAD's main flagship publication - whose first edition was published in 1981.Part one of this publication traces the key issues relating to the global economy and development strategies discussed in various TDRs over the past three decades. It also shows how the ideas, analytical perspectives and policy proposals expressed in the TDR have differed from "mainstream" thinking, and how they have evolved in response to new challenges arising from global economic developments.The salient features reviewed in this publication are: the concept of interdependence, which has shaped the TDRs' policy analyses and recommendations over three decades; the approach of the TDR to macroeconomic and financial policies in both developed and developing countries; the TDRs' contribution to the debate about the shortcomings and the need for reform of global governance in trade, finance and macroeconomics; the TDRs' assessments of the failures and successes of development policy, as well as their recommendations for development strategies, taking into account lessons from past experiences; and Issues that remain topical and others that may become relevant for analysis in future TDRs.Part two of the publication comprises the contributions of the experts who participated in a panel discussion on "Thinking Development: Three Decades of the Trade and Development Report", a pre-Conference event for UNCTAD XIII, which took place in Geneva on 20 February 2012.
What lessons have policy makers drawn from the global financial and economic crisis to reform the international monetary and financial system and the design of macroeconomic policies? The enthusiasm about system reform and a reorientation of macroeconomic policies has not lasted. Reforms of financial regulations are progressing slowly and only at the national level, monetary system reform is limited. After an interlude that some considered as a return to Keynesianism, the orientation of macroeconomic policy, especially fiscal policy, is back to business as usual. This will hinder a sustained recovery of the world economy and open the door for new financial crises. Thus, the rethinking of policies and reshaping the financial and monetary system remain an urgent task. The Report makes concrete proposals on how, and in which priority areas, to advance with the strengthening regulation of the financial sector and commodity markets, reform of the international monetary system, and the reorientation of fiscal policy.
Rising densities of human settlements, migration and transport to reduce distances to market, and specialization and trade facilitated by fewer international divisions are central to economic development. The transformations along these three dimensions density, distance, and division are most noticeable in North America, Western Europe, and Japan, but countries in Asia and Eastern Europe are changing in ways similar in scope and speed. 'World Development Report 2009: Reshaping Economic Geography' concludes that these spatial transformations are essential, and should be encouraged. The conclusion is not without controversy. Slum-dwellers now number a billion, but the rush to cities continues. Globalization is believed to benefit many, but not the billion people living in lagging areas of developing nations. High poverty and mortality persist among the world's 'bottom billion', while others grow wealthier and live longer lives. Concern for these three billion often comes with the prescription that growth must be made spatially balanced. The WDR has a different message: economic growth is seldom balanced, and efforts to spread it out prematurely will jeopardize progress. The Report: documents how production becomes more concentrated spatially as economies grow. proposes economic integration as the principle for promoting successful spatial transformations. revisits the debates on urbanization, territorial development, and regional integration and shows how today's developers can reshape economic geography.
"The theme of The World Development Report 2007 is youth - young people between the ages of 12 to 24. As this population group seeks identity and independence, they make decisions that affect not only their own well-being, but that of others, and they do this in a rapidly changing demographic and socio-economic environment. Supporting young people's transition to adulthood poses important opportunities and risky challenges for development policy. Are education systems preparing young people to cope with the demands of changing economies? What kind of support do they get as they enter the labor market? Can they move freely to where the jobs are? What can be done to help them avoid serious consequences of risky behavior, such as death from HIV-AIDS and drug abuse? Can their creative energy be directed productively to support development thinking? The report will focus on crucial capabilities and transitions in a young person's life: learning for life and work, staying healthy, working, forming families, and exercising citizenship. For each, there are opportunities and risks; for all, policies and institutions matter."
Why are carefully designed, sensible policies too often not adopted or implemented? When they are, why do they often fail to generate development outcomes such as security, growth, and equity? And why do some bad policies endure? World Development Report 2017: Governance and the Law addresses these fundamental questions, which are at the heart of development. Policy making and policy implementation do not occur in a vacuum. Rather, they take place in complex political and social settings, in which individuals and groups with unequal power interact within changing rules as they pursue conflicting interests. The process of these interactions is what this Report calls governance, and the space in which these interactions take place, the policy arena. The capacity of actors to commit and their willingness to cooperate and coordinate to achieve socially desirable goals are what matter for effectiveness. However, who bargains, who is excluded, and what barriers block entry to the policy arena determine the selection and implementation of policies and, consequently, their impact on development outcomes. Exclusion, capture, and clientelism are manifestations of power asymmetries that lead to failures to achieve security, growth, and equity. The distribution of power in society is partly determined by history. Yet, there is room for positive change. This Report reveals that governance can mitigate, even overcome, power asymmetries to bring about more effective policy interventions that achieve sustainable improvements in security, growth, and equity. This happens by shifting the incentives of those with power, reshaping their preferences in favor of good outcomes, and taking into account the interests of previously excluded participants. These changes can come about through bargains among elites and greater citizen engagement, as well as by international actors supporting rules that strengthen coalitions for reform.
This report of the United nations conference on trade and development examines current performances and prospects in this world economy.
Globalization and its relation to poverty reduction and development is not well understood. The book identifies the ways in which globalization can overcome poverty or make it worse. The book defines the big historical trends, identifies main global flows - trade, finance, aid, migration, and ideas - and examines how each can contribute to undermine economic development. By considering what helps and what does not, the book presents policy recommendations to make globalization more effective as a vehicle for shared growth and prosperity. It will be of interest to students, researchers and anyone interested in the effects of globalization in today's economy and in international development issues.
Global value chains (GVCs) powered the surge of international trade after 1990 and now account for almost half of all trade. This shift enabled an unprecedented economic convergence: poor countries grew rapidly and began to catch up with richer countries. Since the 2008 global financial crisis, however, the growth of trade has been sluggish and the expansion of GVCs has stalled. Meanwhile, serious threats have emerged to the model of trade-led growth. New technologies could draw production closer to the consumer and reduce the demand for labor. And trade conflicts among large countries could lead to a retrenchment or a segmentation of GVCs. World Development Report 2020: Trading for Development in the Age of Global Value Chains examines whether there is still a path to development through GVCs and trade. It concludes that technological change is, at this stage, more a boon than a curse. GVCs can continue to boost growth, create better jobs, and reduce poverty provided that developing countries implement deeper reforms to promote GVC participation; industrial countries pursue open, predictable policies; and all countries revive multilateral cooperation.
The 2010 Report focuses on the need to make employment creation a priority in economic policy. Unemployment is the most pressing social and economic problem of our time, not least because, especially in developing countries, it is closely related to poverty. The fallout from the global crisis has exacerbated what were already sluggish labour markets in most countries even before the crisis erupted. It also warns that a premature withdrawal of macroeconomic stimulus measures to expand demand in developed countries may trigger a deflationary spiral in the global economy, with attendant slumps in growth and employment. The publication draws attention to the importance of strengthening the macroeconomic policy framework to promote sustainable growth and employment creation in both developed and developing countries, and makes recommendations for a reorientation of macroeconomic policies and institution building aimed at strengthening domestic demand.
The shape of the world economy has changed significantly over the last two decades, with a rising importance of several developing countries and regions as additional drivers of global economic growth. The main objective of Trade and Development Report 2013 is to assess the systemic changes in the underlying structure of the world economy and to analyse the resulting policy challenges. Particular attention will be paid to a plausible scenario in which developing and transition countries must design their development strategies in a context of a prolonged period of sluggish growth in developed countries. The Report's main message will be that in order to achieve high, sustained and inclusive growth, developing and transition economies will need to move towards a new form of development, away from seeking net-export advantages on the back of global imbalances. Rather, the new context calls for strengthening domestic income and demand and reinvigorating regional and South-South coordination and economic linkages.