Stakeholder Capitalism. Klaus Schwab
We are now paying the price for it.
But before we try to make up for those errors in our economic development though, we must first ask: Is another development path already available? And to what extent can it be found in the East, in the rise of Asia?
Notes
1 1 Kuznets was born in Pinsk, then part of the Russian Empire. Nowadays, Pinsk is part of Belarus.
2 2 “Political Arithmetic: Simon Kuznets and the Empirical Tradition in Economics”, Chapter 5: The Scientific Methods of Simon Kuznets, Robert William Fogel, Enid M. Fogel, Mark Guglielmo, Nathaniel Grotte, University of Chicago Press, p. 105, https://www.nber.org/system/files/chapters/c12917/c12917.pdf.
3 3 A direct quotation of Kuznets’ autobiography for the Nobel Prize committee. The Nobel Prize, “Simon Kuznets Biographical,” 1971, https://www.nobelprize.org/prizes/economic-sciences/1971/kuznets/biographical/.
4 4 “GDP: A brief history,” Elizabeth Dickinson, Foreign Policy, January 2011, https://foreignpolicy.com/2011/01/03/gdp-a-brief-history/.
5 5 Ibidem.
6 6 “Beyond GDP: Economists Search for New Definition of Well-Being,” Der Spiegel, September 2009, https://www.spiegel.de/international/business/beyond-gdp-economists-search-for-new-definition-of-well-being-a-650532.html.
7 7 Phone interview with Diane Coyle by Peter Vanham, August 18, 2019.
8 8 Measured in constant 2010 US dollars.
9 9 World Bank, GDP Growth (annual %), 1961–2018, https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG.
10 10 “What's a Global Recession,” Bob Davis, The Wall Street Journal, April 2009, https://blogs.wsj.com/economics/2009/04/22/whats-a-global-recession/.
11 11 United States Census Bureau, International Data Base, September 2018, https://www.census.gov/data-tools/demo/idb/informationGateway.php.
12 12 “World Economic Outlook,” International Monetary Fund, Updated July 2019, https://www.imf.org/en/Publications/WEO/Issues/2019/07/18/WEOupdateJuly2019.
13 13 “World Economic Outlook,” International Monetary Fund, April 2019, Appendix A https://www.imf.org/~/media/Files/Publications/WEO/2019/April/English/text.ashx?la=en.
14 14 This concerns GDP growth based on market exchange rates (see corresponding row on table cited in footnotes 11 and 12).
15 15 “World Bank Country and Lending Groups,” World Bank, https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups.
16 16 “The Great Emerging-Market Growth Story is Unravelling,” The Financial Times, June 2019, https://www.ft.com/content/ad11f624-8b8c-11e9-a1c1-51bf8f989972.
17 17 See the IMF estimate of 2019 above. For the IIF estimate of Q1 2020, see https://www.iif.com/Portals/0/Files/content/Research/Global%20Debt%20Monitor_July2020.pdf.
18 18 “Coronavirus Lifts Government Debt to WWII Levels—Cutting It Won't Be Easy,” The Wall Street Journal, August 2020, https://www.wsj.com/articles/coronavirus-lifts-government-debt-to-wwii-levelscutting-it-wont-be-easy-11598191201.
19 19 “Resolving Global Debt: An Urgent Collective Action Cause,” Geoffrey Okamoto, IMF First Deputy Managing Director, October 2020, https://www.imf.org/en/News/Articles/2020/10/01/sp100120-resolving-global-debt-an-urgent-collective-action-cause.
20 20 “Gross Debt Position, % of GDP,” Fiscal Monitor, International Monetary Fund, April 2020, https://www.imf.org/external/datamapper/G_XWDG_G01_GDP_PT@FM/ADVEC/FM_EMG/FM_LIDC.
21 21 “Inflation Rate, Average Consumer Prices, Annual Percent Change, Advanced Economies,” World Economic Outlook, International Monetary Fund, April 2020, https://www.imf.org/external/datamapper/PCPIPCH@WEO/ADVEC/OEMDC.
22 22 International Monetary Fund, DataMapper, https://www.imf.org/external/datamapper/GGXWDG_NGDP@WEO/OEMDC/ADVEC/WEOWORLD.
23 23 “Youth Dividend or Ticking Time Bomb?” Africa Renewal, UN, 2017, https://www.un.org/africarenewal/magazine/special-edition-youth-2017/youth-dividend-or-ticking-time-bomb.
24 24 “EM Youth Bulge: A Demographic Dividend or Time Bomb?” Jonathan Wheatley, Financial Times, May 2013, https://www.ft.com/content/f08db252-6e84-371d-980a-30ab41650ff2.