The 2008 financial crisis has raised a number of questions about the
best strategy for achieving sustained growth and poverty reduction in
developing countries, foremost among them whether the failure of the
financial system also signifies the broader failure of market-oriented
capitalist systems. The Growth Commission looks at this issue in its
new report - Post-Crisis Growth in Developing Countries. It believes
that the crisis was not a failure of market-oriented systems and that
an outward-looking strategy, as suggested in the original Growth Report
(published in May 2008), remains broadly valid.
The following questions are discussed in this special report:
- How has the economic landscape changed in the wake of the financial
crisis of 2008?
- What factors contributed to the onset of the financial crisis and
its transmission from advanced to developing countries?
- Should the crisis be interpreted as a failure of financial-sector
regulation or as a broader failure of market-based systems?
- What effects will the financial crisis have on the prospects for
economic growth in developing countries?
- How will the crisis impact the formulation of developing country
growth strategies going forward?
- What is the outlook for free trade and a growth model that
capitalizes on the global economy?
- How do actions by the advanced economies in response to the crisis
affect the choices of policymakers in the developing world?
- What is the appropriate role of government in the post-crisis
- How will the lessons of the crisis affect strategies for
financial-sector development in developing countries?
- What are the prospects for improved international oversight of
global finance and cross-border financial flows?
TABLE OF CONTENTS
- Part 1: Introduction
- Part 2: The Crisis and its Aftermath
- Part 3: Questioning the Growth Strategies
- Part 4: Openness and Financial Development
- Part 5: Resilience
- Concluding Thoughts
- Statistical Appendix
About the Commission on Growth and Development Launched in
April 2006, the Commission on Growth and Development brings together
twenty-one leading practitioners from government, business, and the
policymaking arenas, mostly from the developing world. The Commission
is chaired by Nobel Laureate Michael Spence, former Dean of the
Stanford Graduate Business School, and Danny Leipziger, Vice-President,
World Bank, is the Commission's Vice-Chair.
Over a period of two years the Commission sought to gather the best
understanding there is about the policies and strategies that underlie
rapid and sustained economic growth and poverty reduction. The
Commission's audience is the leaders of developing countries.
The Commission is supported by the Governments of Australia, Sweden,
the Netherlands, and United Kingdom, the William and Flora Hewlett
Foundation, and the World Bank.
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