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2522. The Global Financial Crisis and Africa's "Immiserizing Wealth"
- Author:
- Luc Soete and Alexis Habiyaremye
- Publication Date:
- 01-2010
- Content Type:
- Policy Brief
- Institution:
- United Nations University
- Abstract:
- Before the current global recession, many resource-rich African countries were recording unprecedented levels of growth due to a raw material price boom. However, the collapse in raw material prices and the ensuing severe economic difficulties have again exposed the vulnerability of these countries' natural resource export-focussed economic structures. In this research brief, we describe how Africa's abundance of natural resources attracted disruptive and predatory foreign forces that have hindered innovation-based growth and economic diversification by delaying the accumulation of sufficient stocks of human capital. We suggest that for their long-term prosperity, resource-rich African countries shift their strategic emphasis from natural to human resources and technological capabilities needed to transform those natural resources into valuable goods and services to compete in the global market.
- Topic:
- Economics, Emerging Markets, Industrial Policy, Global Recession, Natural Resources, and Financial Crisis
- Political Geography:
- Africa, China, and India
2523. Promoting Entrepreneurship in Developing Countries: Policy Challenges
- Author:
- Wim Naudé
- Publication Date:
- 04-2010
- Content Type:
- Policy Brief
- Institution:
- United Nations University
- Abstract:
- This policy brief provides some fresh perspectives on the relationship between entrepreneurship and development, and considers policy design issues. It reports on the UNU-WIDER two-year research project “Promoting Entrepreneurial Capacity”, which aimed to understand whether and how entrepreneurship matters for development, how it could derail development, how entrepreneurs function in high growth as well as in conflict environments, and how female entrepreneurship differs across countries at various stages of development.
- Topic:
- Development, Economics, Emerging Markets, and Third World
- Political Geography:
- Afghanistan, Iraq, and Burundi
2524. The Transatlantic Economy 2010 Annual Survey of Jobs, Trade and Investment between the United States and Europe
- Author:
- Daniel S. Hamilton and Joseph P. Quinlan
- Publication Date:
- 01-2010
- Content Type:
- Book
- Institution:
- Center for Transatlantic Relations
- Abstract:
- Despite the recession, the United States and Europe remain each other's most important foreign commercial markets. No other commercial artery in the world is as integrated and fused as the transatlantic economy. We estimate that the transatlantic economy continues to generate close to $4.28 trillion in total commercial sales a year and employs up to 14 million workers in mutually “onshored” jobs on both sides of the Atlantic.
- Topic:
- Economics, International Trade and Finance, Markets, and Bilateral Relations
- Political Geography:
- United States and Europe
2525. Economic Growth and Institutional Innovation: Outlines of a Reform Agenda
- Author:
- William A. Galston
- Publication Date:
- 06-2010
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- When experts and pundits are asked what the president and Congress should do to promote economic growth, they typically respond with a list of policies, often mixed with stylistic and political suggestions. Few focus on institutional change, which is too easy to conflate with yawn-inducing “governmental reorganization.”
- Topic:
- Economics and Financial Crisis
- Political Geography:
- United States
2526. Spurring Innovation Through Education: Four Ideas
- Author:
- Grover J. (Russ) Whitehurst
- Publication Date:
- 06-2010
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- A nation's education system is a pillar of its economic strength and international competitiveness. The National Bureau of Economic Research analyzed data from 146 countries, collected between 1950 and 2010, and found that each year of additional average schooling attained by a population translates into at least a two percent increase in economic output. A 2007 World Bank policy research working paper reported similar results. Based on these findings, if the United States increased the average years of schooling completed by its adult population from the current 12 years to 13 years—that is, added one year of postsecondary education—our gross domestic product would rise by more than $280 billion.
- Topic:
- Economics and Education
- Political Geography:
- United States
2527. The Future of Small Business Entrepreneurship: Jobs Generator for the U.S. Economy
- Author:
- Martin Neil Baily, Karen Dynan, and Douglas J. Elliott
- Publication Date:
- 06-2010
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- As the nation strives to recover from the “Great Recession,” job creation remains one of the biggest challenges to renewed prosperity. Small businesses have been among the most powerful generators of new jobs historically, suggesting the value of a stronger focus on supporting small businesses— especially high-growth firms—and encouraging entrepreneurship. Choosing the right policies will require public and private decision-makers to establish clear goals, such as increasing employment, raising the overall return on investment, and generating innovations with broader benefits for society. Good mechanisms will also be needed for gauging their progress and ultimate success. This brief examines policy recommendations to strengthen the small business sector and provide a platform for effective programs. These recommendations draw heavily from ideas discussed at a conference held at the Brookings Institution with academic experts, successful private-sector entrepreneurs, and government policymakers, including leaders from the Small Business Administration. The gathering was intended to spur the development of creative solutions in the private and public sectors to foster lasting economic growth.
- Topic:
- Economics and Financial Crisis
- Political Geography:
- United States
2528. The Washington Consensus: Assessing a Damaged Brand
- Author:
- Nancy Birdsall, Augusto de la Torre, and Felipe Valencia Caicedo
- Publication Date:
- 05-2010
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- In this paper we analyze the Washington Consensus, which at its original formulation reflected views not only from Washington but also from Latin America. We trace the life of the Consensus from a Latin American perspective in terms of evolving economic development paradigms. We document the extensive implementation of Consensus-style reforms in the region as well as the mismatch between reformers' expectations and actual outcomes, in terms of growth, poverty reduction, and inequality. We then present an assessment of what went wrong with the Washington Consensus-style reform agenda, using a taxonomy of views that put the blame, alternatively, on (i) shortfalls in the implementation of reforms combined with impatience regarding their expected effects; (ii) fundamental flaws—in either the design, sequencing, or basic premises of the reform agenda; and (iii) incompleteness of the agenda that left out crucial reform needs, such as volatility, technological innovation, institutional change and inequality.
- Topic:
- Economics
- Political Geography:
- Washington and Latin America
2529. Mobile Phones and Economic Development in Africa
- Author:
- Jenny C. Aker and Isaac M. Mbiti
- Publication Date:
- 06-2010
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- We examine the growth of mobile phone technology over the past decade and consider its potential impacts upon quality of life in low-income countries, with a particular focus on sub-Saharan Africa. We first provide an overview of the patterns and determinants of mobile phone coverage in sub-Saharan Africa before describing the characteristics of primary and secondary mobile phone adopters on the continent. We then discuss the channels through which mobile phone technology can impact development outcomes, both as a positive externality of the communication sector and as part of mobile phone-based development projects, and analyze existing evidence. While current research suggests that mobile phone coverage and adoption have had positive impacts on agricultural and labor market efficiency and welfare in certain countries, empirical evidence is still somewhat limited. In addition, mobile phone technology cannot serve as the “silver bullet” for development in sub-Saharan Africa. Careful impact evaluations of mobile phone development projects are required to better understand their impacts upon economic and social outcomes, and mobile phone technology must work in partnership with other public good provision and investment.
- Topic:
- Economics
- Political Geography:
- Africa
2530. The Roots of Global Wage Gaps: Evidence from Randomized Processing of U.S. Visas
- Author:
- Michael Clemens
- Publication Date:
- 06-2010
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- This study uses a unique natural experiment to test a simple model of international differences in workers' wages and productivity. Large differences in wages across countries could arise from several sources. These include barriers to trade in outputs, differences in technology, differences in workers, or differences in the other factors of production accessible in different countries. To measure the relative importance of these sources in one setting, this study exploits the randomized processing of U.S. visas for a group of Indian workers who produce software within a single multinational firm. In this setting, international barriers to trade in outputs, barriers to technology transfer, and all observable or unobservable differences between workers are extremely low. The results indicate that location outside of India causes a sixfold increase in the wages of the same worker using the same technology to produce a highly tradable good. Under plausible assumptions about competition in the industry, this suggests that country-of-work by itself is responsible—in this industry—for roughly three-quarters of the gap in productivity between workers in India and workers in the richest countries. These findings have implications for open questions in labor, growth, international, and development economics.
- Topic:
- Economics and Labor Issues
- Political Geography:
- United States and India