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LPS-EC206 The Global Economy: Rethinking world leadership and the great shift east

Professor Danny Quah, Economics and International Development Departments, London School of Economics and Political Science

Course Outline

In the new millennium a modern hypothesis emerged that a “Global Power Shift” would irrevocably alter the established world order. Basing arguments on economic and geopolitical analysis, the proponents of this view argued that a Great Shift East―towards China, towards other emerging economies―would challenge an international system that for the last 500 hundred years had been based on the overwhelming economic and military superiority of the West. Even as the world became more inter-connected, a new balance of power would emerge to show a world no longer unipolar on the Transatlantic Axis and dominated by the US.

But how firmly established are these changes? What fresh challenges do they raise for the global economy?

With economic experiences in different parts of the world continuing to evolve, many observers are beginning to view with suspicion previous optimism on the performance of emerging economies and asking if instead the advanced economies will be the ones showing robust sustained growth. At the same time, observers both East and West are lamenting how the shifting global economy sorely needs genuine world leadership. If the US has indeed lost its confidence or its willingness to lead the global community in addressing the world’s challenges, neither has a viable alternative risen to take its place. The policy errors that led to the 2008 Global Financial Crisis, the inability of the world economy to recover from recession, the continued instability of the international financial system, the threats to international trade and global growth are all, in this view, problems that can only be solved by joint global action, not through self-serving country-by-country individualism. Today’s new normal is neither healthy nor prosperous. 

This course develops and critically evaluates the empirical evidence on the Great Shift East. It analyses the economics of world leadership―in the world’s reserve currency and the international financial architecture, in the formation of economic coalitions, in the international trading system, in macroeconomic and monetary policies. And it presents the economic history of national rise to power - regional and global - across different parts of the world.

Full course outline| 

About the instructor

quah

Professor Danny Quah, Economics and International Development Departments, London School of Economics and Political Science

Danny Quah is Professor of Economics and International Development, and Kuwait Professor at LSE; Senior Fellow at LSE IDEAS; and Chair of the LSE-PKU Summer School Board. He is also Tan Chin Tuan Visiting Professor in the Economics Department at the National University of Singapore and from 2009-2011 served on Malaysia’s National Economic Advisory Council. 

He studied at Princeton, Minnesota and Harvard, and was Assistant Professor in the Economics Department at MIT before joining LSE. Danny Quah gave the 3rd LSE-NUS Lecture in 2013, a TEDxLSE lecture in 2012, and the Inaugural LSE Big Questions Lecture in 2011. His current research focuses on the shifting global economy and the rise of the east.

For further information, please see Professor Quah's LSE Experts |profile or his personal website|.


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