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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

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Shifting Wealth and Poverty Reduction

OECD Development Centre

Since 1990, the number of poor people living on less than one dollar-a-day has declined by nearly half a billion. High growth in the converging countries played a major role in this decline, though poverty also fell in a number of poor and struggling countries. In fact, improvements in health and education were largely independent of growth. The pace and pattern of growth as well as initial country conditions matter for how much growth turns into social development. The technological and structural changes underpinning shifting wealth are often accompanied by increases in within-country inequality. While high inequality can limit poverty reduction, the good news is that today an increasing number of countries actually have the resources to address distributional challenges and foster social development.

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