The next convergence : the future of economic growth in a multispeed world / Michael Spence.

Includes bibliographical references (p. [275]-281) and index.

The global economy and developing countries. 1950 : the start of a remarkable century ; Static views of a changing world ; Postwar changes in the global economy ; The origins of the global economy ; Economic growth ; Common questions about the developing world and the global economy -- Sustained high growth in the developing world. The high-growth developing countries in the post-war period ; The opening of the global economy ; Knowledge transfer and catch-up growth in developing countries ; Global demand and catch-up growth ; The internal dynamics of sustained high growth ; Key internal ingredients of sustained high-growth recipes ; Opening up : an issue of speed and sequencing ; The Washington consensus and the role of government ; Managing one's currency in the course of growth ; The middle-income transition ; The political, leadership, and governance underpinnings of growth ; Low-growth economies in the developing world ; Natural resource wealth and growth ; The challenge for small states ; The adding-up problem -- The crisis and its aftermath. Emerging markets during and after the global crisis ; Instability in the global economy and lessons from the crisis ; Stimulus in the crisis and the need for cooperative behavior ; Rebalancing the global economy and its consequences for growth ; The excess-savings challenge in China ; The openness of the global system and the WTO ; Legacies of the crisis : slow growth and sovereign-debt issues in advanced countries ; Periodic systemic risk and investment behavior -- The future of growth. Can the emerging economies sustain high growth? ; China and India ; China's structural challenges ; India's growth, diversification, and urbanization ; Brazil's growth reset ; Energy and growth ; The challenge of climate change and developing-country growth ; Information technology and the integration of the global economy ; European integration and transnational governance ; Global governance in a multispeed world ; The G20, the advanced countries, and global growth ; Sustaining growth : the second half century of convergence.

Offers insight into how to sustain growth in advanced and developing countries, explains how the living standard gaps between the West and the rest of the world occurred, and addresses key challenges in the areas of governance, international coordination, and ecological sustainability.