This course considers the pressures on the advanced countries for economic and political adaptation. As nations struggle to recover from the crash and sustain employment and productivity growth to assure expanding real incomes of the citizens, they find that their policy choices have been altered by two, perhaps contradictory, sets of forces. One set of forces, globalization and the decomposition of production, seems to limit the capacity of governments to act in the face of the supposedly inexorable pressures of markets. The other set of forces, the instability and crash of financial markets along with the dangers of climate change, seem to call for government action. What is a government to do? Can wealthy nations stay wealthy? Are equality and sustained growth compatible? Can emerging economies succeed in sustaining growth?
Note: This description is from Spring 2014.