The Shifts and the Shocks: The Struggle for a New World Economy
Several shocks have jolted the world economy in recent years. The 2008 financial crisis, the ensuing recession, and the ongoing eurozone sovereign debt crisis have left deep scars. High unemployment, unstable financial institutions, and large budget deficits have brought forth issues of income inequality, corporate governance, taxation, and the role of government in political systems that are already sclerotic and increasingly contested. The recovery, particularly in the high-income economies, seems fragile and fraught with dangers. Yet these tremors mask a deeper systemic shift in the very core structure of the global economic system. Emerging countries are growing rapidly, while high-income countries are growing slowly or not at all. Economic power is shifting to the east. How will countries weather these transformations, internally and externally? What can be done to fix the system’s flaws? What will the world economy look like after the shockwaves subside? Join The Chicago Council for a conversation with Martin Wolf on the struggle for a new world economy.
Martin Wolf is associate editor and chief economics commentator for the Financial Times.
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