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Book cover for "New Global Dynamics: Managing Economic Change in a Transforming World"

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New Global Dynamics

Managing Economic Change in a Transforming World

Zia Qureshi and Daehee Jeong
Release Date: November 1, 2024

The world faces a conflux of powerful forces of change. Digital technologies and advances in artificial intelligence are transforming markets, economies, and societies. Global geopolitics is shifting, and the rise of China is challenging the postwar international order led by the United States. Geopolitical tensions are elevated, and so are political polarization and societal anxieties within countries as change creates winners and losers. Nationalist industrial policies and protectionism are surging. Added to this mosaic of change is climate change, which will have profound effects on global patterns of production, investment, and trade.

“New Global Dynamics” analyzes the implications of these transformations and addresses the new challenges institutions and policymakers face at national and global levels. It examines how these changes are affecting the global economy, the future of globalization, international power structures, and competition in markets, delving into the shifting dynamics in industry, trade, and finance.

International cooperation has become more daunting, but it is essential in matters ranging from the regulation of new technologies to trade policies to global finance to climate transition. In a more contested world, a rules-based international order has become even more critical.

Reviews
Qureshi and Jeong have compiled a tour de force on the shifts reshaping the global economy. From US-China competition and geoeconomic fragmentation to the AI revolution and climate change, this volume offers crucial insights into how these forces are altering patterns of production, trade, investment, and finance, upending longstanding power structures. A valuable resource for understanding a rapidly evolving and uncertain outlook.
Ian Bremmer, President and Founder, Eurasia Group and GZERO Media
Geopolitics and new digital technologies are transforming the world as we know it. Qureshi and Jeong have assembled a most exceptional collection of experts to draw out the implications.
Barry Eichengreen, Distinguished Professor, University of California, Berkeley
'New Global Dynamics' tackles the complex and rapid structural change in the global economy and its drivers. Invaluable insights from distinguished authors will help readers understand and then navigate and manage through these transformative changes.
Michael Spence, Nobel laureate in economics, Professor Emeritus, Stanford University, and Senior Fellow, Hoover Institution
Technology and geopolitics are two of the several forces examined in this book that are transforming national and global economies. This excellent collection of articles by thoughtful scholars, including some well-known names, can help us to think deeper and more broadly about the implications of these forces.
Shang-Jin Wei, Professor, Columbia University, and former Chief Economist, Asian Development Bank

Contents

Foreword
Changwoo Nam and Brahima Coulibaly

  1. Overview: Challenges of Managing Transformative Change in the Global Economy
    Zia Qureshi and Daehee Jeong
Part I. The Future of Globalization
  1. The New Logic of Globalization: Uncertainty, Volatility, and the Digital Economy
    Laura Tyson, John Zysman, and Brian Judge
  2. Globalization and the Asian Century
    Wonhyuk Lim
Part II. New Industrial Dynamics
  1. Digital Transformation, Digital Markets, and Economic Strategy
    Diane Coyle
  2. Double Standard: Economic Policy is Mostly Industrial Policy
    Justin Yifu Lin and Célestin Monga
Part III. New Trade Dynamics
  1. Digital Trade Policies and International Cooperation
    Bernard Hoekman
  2. Global Value Chains in a Changing World
    Siwook Lee
Part IV. New Financial Dynamics
  1. The Implications of Digital Technologies for the International Monetary System
    Eswar Prasad
  2. Strengthening the Global Financial Architecture
    Joon-Ho Hahm and Woo Jin Choi

Authors

Edited by

Zia Qureshi Senior Fellow - Global Economy and Development

Daehee Jeong
Daehee Jeong Senior Fellow and Director of Macroeconomic and Financial Policies - Korea Development Institute
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