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VoxDev Development Economics
S6 Ep3: How can countries develop their economies in a changed world?
Jan 22, 2025
Tim Dobermann, Research Director at the International Growth Centre, and Francesco Caselli, Professor at the London School of Economics, discuss the changing landscape of economic development. They explore unorthodox policies needed to adapt to new global challenges, from Brexit to climate change. The impact of COVID-19 on trade and the importance of digital technologies are highlighted. They also assess AI's role in job creation and the fiscal policies nations must adopt to encourage growth while managing crises.
29:30
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Quick takeaways
- The evolution of global economic factors necessitates a fundamental shift in development policies away from traditional strategies like export-led manufacturing.
- Addressing climate change within economic growth policies is crucial, as technological advancements in green energy present both challenges and opportunities.
Deep dives
Adapting Development Policies to New Realities
The evolution of global economic and geopolitical landscapes since 2018 has prompted a shift in the approach to development policies. Key factors influencing this change include rising trade tensions, political conflicts, and the fallout from events like Brexit and the election of Donald Trump, which highlighted skepticism towards international trade. The increasing complexity surrounding automation and climate change has necessitated a reevaluation of traditional policies grounded in the Washington Consensus. The call for modifications reflects a reality where conventional growth strategies, particularly export-led manufacturing, may no longer be viable solutions for developing countries.
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