The World after the crisis. A New Economic Order?
08.03.2010
On September 11 – a symbolic date for the whole world – the plenary session of the XIX Economic Forum entitled “The world after the crisis. A new economic order?” was being co-organized by the Małopolska Regional Development Agency. The Agency has invited the most eminent economists and politicians to join in the debate.
Part 1: The World after the crisis. A New Economic Order?
Let us imagine that we’ve just moved forward in time 20 years. Have you ever imagined how the world would look? What is the structure of global foreign reserves? Do we still encounter global imbalances? Who is the leader of global politics: G2 (US-China), G3 (the EU joining the former two), G8, G20? Maybe there is someone else? Who heads the IMF and in which city are its headquarters? Has the Washington consensus that’s been running the world for the last 20 years been revised?: more
Part 2: Has modern economic theory failed?
Will the crisis lead to major revisions in the economic theory as it was shown on the cover of the recent issue of The Economist where a melting book with the title Modern economic theory was featured? Why did so few economists predict the crisis? What will be the difference between an Economics 101 course in 2030 and Economics 101 today?: more
Part 3: From credit derivatives bubble to public debt bubble.
The activist government and central bank policies led to the biggest fiscal deficit in the United States on record, EU public debt will top 80 percent of GDP in 2010. Ageing of western societies will likely push up the levels of public debt even further. What actions should be taken by governments in developed world to escape from this debt trap? The answer is inflation, or is it innovation?: more
