The world is looking on uneasily as China challenges the United States as a technological power, but a zero-sum game is not an inevitability. Governments, businesses, and civil society can come together to help the world break out of this duopoly for a more sustainable future.
China and Russia followed two distinct approaches to reform, leading to drastically different trajectories of economic growth. While both countries have experienced rising inequality over the last 30 years, Russia’s income distribution has worsened at a faster pace and in a bigger magnitude. What caused the difference in income distribution dynamics between the two? There are important lessons to be learned on the impact of policy decisions on inequality.
What makes a currency global? The Spanish peso that started circulating internationally in the 16th century offers a case study. The opening of new trade routes and security innovations made it the world's most widely demanded currency. It facilitated the integration of China, the Americas, and Europe into a world economy, creating a status quo that lasted until the 19th century.
Global economies seem to be doing reasonably well in the face of an array of potentially destabilizing political issues. But this may not last if we do not tackle a non-inclusive pattern of growth and do more to address the needs of people and societies.
With their focus on economic development through innovation, the countries of East Asia are rising quickly through the ranks of the Global Innovation Index. These countries are not merely growing individually—they are growing with one another.