Perspectives on Global Development 2010

Shifting Wealth

image of Perspectives on Global Development 2010

Shifting Wealth is the first edition of Perspectives on Global Development, a new publication from the OECD Development Centre.

Shifting Wealth examines the changing dynamics of the global economy over the last 20 years, and in particular the impact of the economic rise of large developing countries, such as China and India, on the poor. It details new patterns in assets and flows within the global economy and highlights the strengthening of “South-South” links – the increasing interactions between developing countries through trade, aid and foreign direct investment.

What do these changes imply for development and development policy? The report explores potential policy responses at both national and international levels. Nationally, developing countries' need to re-position their development strategies to capitalise on the increasing potential of South-South co-operation and to fully benefit from new macroeconomic drivers. Internationally, the global governance architecture needs to adjust to better reflect current economic weights.

“OECD Perspectives on Global Development is a very welcome new publication that contributes to investigating the permanent structural breaks with the past now occurring in the global economy. It documents the need to address new challenges in development finance and social development.” -- Justin Yifu Lin, Senior Vice President and Chief Economist, The World Bank

"Perspectives on Global Development is a landmark report about the biggest economic story of our era. It describes and analyses the new economic world we live in, where countries in Asia, Africa and Latin America provide the dynamism for future growth. It shows how this shift in the economic centre of gravity is cause for optimism, rather than consternation."  --Alan Hirsch, Deputy Director General: Policy, South African Presidency

"Based on the irrefutable fact that some developing economies have grown very rapidly in recent decades, some of this study’s analytical and policy conclusions will undoubtedly contribute to important debates as the world strives to draw appropriate lessons from the varied experiences of the last two decades, and especially the last two years." --Jomo Kwame Sundaram, UN Assistant Secretary General for Economic Development

"In this volume, the OECD Development Centre lays bare a new era of economic development. But in doing so, it poses the big questions of sustainability – namely, what development means for the social, political, and economic fabric of an increasingly globalised world." --Stephen S. Roach, Chairman‪, Morgan Stanley Asia

English Also available in: French

Collective Responses to Shifting Wealth

OECD Development Centre

Some responses to shifting wealth cannot be made unilaterally, but need collective action. The existing global governance architecture was created following the Second World War and needs updating. Evolution can be seen in the replacement of the G7, first by the G8, then the G8+5 and now by the G20. Originally intended to be a shortterm response to the financial crisis, it has in fact become the new forum for discussions on international economic matters. The emergence of new donors such as China, Saudi Arabia and India also reveals the need to re-think development cooperation. As an example of the growing need for collective action, whether at the multilateral, regional or bilateral levels, this chapter focuses on trade policy. Reducing barriers to South-South trade, whether tariff or non-tariff, is an area for mutually beneficial action. Technology transfer between developing countries – through cross-border clusters of specialisation and co-operation along the global value-chain – is another potentially fruitful area for collaboration.

English Also available in: French



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