A new book by Martin Wolf, Commentator of The Financial Times, to be presented at the Gaidar Forum

On the first day of the Gaidar Forum 2017, the new book The Shifts and the Shocks: What We’ve Learned – And Still Have To Learn – Fr om the Financial Crisis by Martin Wolf, Chief Economics Commentator, The Financial Times, shall be presented.

Honorary Doctor of Science (Economics), London School of Economics, member of the UK government's Independent Commission on Banking (2010-2011), Martin Wolf is one of the most competent economics experts in the world. Co-editor and columnist of The Financial Times, he is also known as the author of the books Why Globalization Works and Fixing Global Finance.

In his new book The Shifts and the Shocks: What We’ve Learned – And Still Have To Learn – From the Financial Crisis, the author tells about two tremendous forces to reshape the global economy. The rapid shift from the declining West to the growing East and shocks caused by the waves of financial crises in the countries with high incomes - those are deep, long-term and interrelated changes that define the shape of the world for decades. The shift reflects a complete change in the sesquicentennial trend towards economic divergence that resulted in a situation wh ere the citizens of countries with high incomes almost held a monopoly on the results of the industrialization process.

The yesterday's differences in growth between economies with high incomes and new market economies resulted in a rapid convergence in terms of revenue today. Although this convergence is desirable in itself, it also poses serious challenges to the global economy. Financial shocks significantly increase these challenges. They resulted in the long reduction of credit leverage and slowing the growth in high-income countries and especially strong crisis in the fragile Eurozone. Moreover, the global economic shift created certain conditions for these shocks, particularly global macroeconomic imbalances and the downward trend in wages.

Learn more about the major ideas of the book by Martin Wolf during its presentation on January 12, 2017, the first day of the Gaidar Forum.

Organizers of the Gaidar Forum: “The Russian Presidential Academy of National Economy and Public Administration” (RANEPA), The Gaidar Institute for Economic Policy (Gaidar Institute) and the Association of Innovative Regions of Russia (AIRR).

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