Global economy

ec-dev-worldbank

What is Economic Development? TAGS: | | |

No single definition incorporates all of the different strands of economic development. Typically economic  development can be described in terms of objectives. These are most commonly described as the creation of jobs and wealth, and the improvement of quality of life.

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race-car

The World Economy as a Race Car TAGS: | | | | | |

race-car

The world economy had become the equivalent of a race car – expensive, with incredible range, and capable of performing at breathtaking speed. For the last decade everyone rode it and experienced the adrenaline rush and the highs. There was only one problem: it turned out that nobody really knew how to drive a car like this one. Over the last ten years, the global economy had become something no one had ever seen – an integrated system of about 125 countries, all participating and all going at unheard-of speeds. It was as if that race car was being driven by 125 different drivers – and no one remembered to buy shock absorbers.

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