Kenya, Oil and Populism: Learning from Germany

paul-collier

In March Kenya discovered oil. Even before it has proved to be commercial, and years before the money will flow, oil has already had an impact: by April public servants were demanding a large wage increase. Oil discoveries are psychological earthquakes: people imagine that good times have arrived. Such a narrative is the default option for [...]

Housing in Low-Income Cities: Learning from 19th Century European Urbanization

paul-collier

During the nineteenth century London grew from a city of one million people to six million, a rate of expansion commensurate with the rapid urbanization currently underway in Africa. Further, per capita income in London in the mid-nineteenth century was roughly comparable with that in Africa today. But unlike modern Africa, nineteenth century London and [...]

Whose World Bank?

stiglitz

US President Barack Obama’s nomination of Jim Yong Kim for the presidency of the World Bank has been well received – and rightly so, especially given some of the other names that were bandied about. In Kim, a public-health professor who is now President of Dartmouth University and previously led the World Health Organization’s HIV/AIDS [...]

Global Social Progress

paul-collier

Social progress is, fundamentally, about policies that promote convergence towards the top: ‘convergence’, because otherwise it isn’t social; ‘towards the top’ because otherwise it isn’t progress. Global social progress extends outcomes to convergence between countries and policies to those that benefit from international coordination. Potentially, it thus has three components: greater equity between countries, coordinated [...]

Burma’s Turn

stiglitz

Here in Myanmar (Burma), where political change has been numbingly slow for a half-century, a new leadership is trying to embrace rapid transition from within. The government has freed political prisoners, held elections (with more on the way), begun economic reform, and is intensively courting foreign investment. Understandably, the international community, which has long punished [...]

A World Bank for a New World

sachs

The world is at a crossroads. Either the global community will join together to fight poverty, resource depletion, and climate change, or it will face a generation of resource wars, political instability, and environmental ruin. The World Bank, if properly led, can play a key role in averting these threats and the risks that they [...]

The Economics of Isolation and the Role of Aid

paul-collier

In the past month I have visited South Sudan, Sierra Leone and Rwanda. Although radically different in many important respects, these three low-income countries face the common problem that their economies are all small and isolated. The remarkable success of Rwanda in achieving the hat trick of rapid growth, rapid poverty reduction and increased equity [...]

Seizing Sustainable Development

jacob zuma

The world is on an unsustainable path, and must urgently chart a new course forward, one that brings equity and environmental concerns into the economic mainstream. To do so, we must put sustainable development into practice now, not in spite of the economic crisis, but because of it. Our challenges today are many. Economies are [...]

Sustainable Humanity

sachs

Sustainable development means achieving economic growth that is widely shared and that protects the earth’s vital resources. Our current global economy, however, is not sustainable, with more than one billion people left behind by economic progress and the earth’s environment suffering terrible damage from human activity. Sustainable development requires mobilizing new technologies that are guided [...]

Global Imbalances and Domestic Inequality

kemal dervis

Despite years of official talk about addressing global current-account imbalances, they remained one of the world’s main economic concerns in 2011. Global imbalances were, to be sure, smaller overall than before the crisis, but they did not disappear. Now some are increasing again, alongside inequality in many countries. That link is no accident. One often [...]

A European Trade Paradigm for African Trade

paul-collier

Europe’s current troubles with the Euro should not detract from its success in liberating intra-regional trade: this is a model worth Africa emulating. The issue is timely since the African Union has a summit on trade and regional integration later this month. Regional integration is the ideal topic for the European Commission in its relations [...]

Sustainability: A Number of Policy Points Focusing on the Environment and Global Warming

Isik_pic

The sustainability question needs to be answered. In this phase of economic development, its impacts on a number of domains need to be considered. Environmental problems, both in the form of global warming and also economic and social issues, are the primary concern. The political implications are also crucial. Both domains have specific and common [...]