Balancing Growth: Global Economic Governance for Development

One of the key features of global economic governance in a new multipolar world is the need for more balanced global growth. The world economy is still experiencing significant imbalances, which risk undermining a sustainable economic recovery. With the current system of global economic governance suffering from serious weaknesses, there is a need for a fundamental restructuring that includes more coordinated economic policies with a more balanced representation of all the global economic actors. To this end, a careful analysis of the institutional settings and of the world productive and financial structures must be undertaken.

On October 8, Global Economy and Development at Brookings, the Initiative for Policy Dialogue at Columbia University and the Foundation for European Progressive Studies hosted a discussion of these issues and the need for a more coherent framework for global economic development. Panelists included Joseph Stiglitz, co-president of the Initiative for Policy Dialogue at Columbia University; Massimo D’Alema, former prime minister of Italy and current president of the Foundation for European Progressive Studies; Justin Lin, chief economist and senior vice president of the World Bank; Pascal Lamy, director-general of the World Trade Organization; and Jomo Kwame Sundaram, assistant secretary-general for economic development of the United Nations.

Brookings Senior Fellow Domenico Lombardi served as moderator and provided introductory remarks. After the program, panelists took audience questions.