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The modern world was created through the combination and complex interactions of five grand transitions. First, the demographic transition changed the total numbers, dynamics, structure, and residential pattern of populations. The agricultural and dietary transition led to the emergence of highly productive cropping and animal husbandry (subsidized by fossil energies and electricity), a change that eliminated famines, reduced malnutrition, and improved the health of populations but also resulted in enormous food waste and had many environmental consequences. The energy transition brought the world from traditional biomass fuels and human and animal labor to fossil fuel, ever more efficient electricity, lights, and motors, all of which transformed both agricultural and industrial production and enabled mass-scale mobility and instant communication. Economic transition has been marked by relatively high growth rates of total national and global product, by fundamental structural transformation (from farming to industries to services), and by an increasing share of humanity living in affluent societies, enjoying unprecedented quality of life. These transitions have made many intensifying demands on the environment, resulting in ecosystemic degradation, loss of biodiversity, pollution, and eventually change on the planetary level, with global warming being the most worrisome development. This book traces the genesis of these transitions, their interactions and complicated progress as well as their outcomes and impacts, explaining how the modern world was made—and then offers a forward-thinking examination of some key unfolding transitions and appraising their challenges and possible results.

Regional development banks (RDB) have become increasingly important in the world economy, but have also been relatively under-researched to date. This timely volume addresses this lack of attention by providing a comprehensive, comparative, and empirically informed analysis of their origins, evolution, and contemporary role in the world economy through to the second decade of the twenty-first century. The editors provide an analytical framework that includes a revised categorization of RDB by geographic operation and function. In part one, the chapter authors offer detailed analyses of the origins, evolution, and contemporary role of the major RDB, including the Inter-American Development Bank, the African Development Bank, the Asian Development Bank, the European Investment Bank, the Central American Bank, the Andean Development Corporation, the European Bank for Reconstruction and Development, and the Asian Infrastructure Investment Bank. In part two, the authors engage in comparative analyses of key topics on RDB, examining their initial design and their changing business models, their shifting role in promoting policies supported by the United States as hegemon and the private sector. The volume ends with a critical reflection on the role played by RDB to date and a strong defence of the need for these banks in an increasingly complex world economy.

This book documents important milestones in the epic journey traversed by the Central Bank of Kenya over the last 50 years, putting into perspective the evolution of central banking globally and within the East African region, and contemplating future prospects and challenges. The book is timely, mainly because the global financial landscape has shifted. Central bankers have expanded their mandates, beyond the singular focus on inflation and consider economic growth as their other important objective. Financial crises have continued to disrupt the functioning of financial institutions and markets, the most devastating episodes being the global financial crisis, which broke out in 2008 and from which the global financial system has not fully recovered, and the unprecedented challenges posed by the global coronavirus pandemic. Bank regulation has moved from Basel I, to Basel II, and somehow migrated to Basel III, although some countries are still at the crossroads. The book originated from the wide-ranging discussions on central banking, from a symposium to celebrate the 50 year anniversary on 13 September 2016 in Nairobi. The participants at the symposium included current and former central bank governors from Kenya and the Eastern Africa region, high-level officials from multilateral financial institutions, policy-makers, bank executives, civil society actors, researchers and students. The book is an invaluable resource for policy-makers, practitioners, and researchers, on how monetary policy and financial practices in vogue today in Kenya have evolved through time and worked very well, but also about some pitfalls.

This edited volume provides a comprehensive overview of the major debates on the role of structural change in economic development. The book begins by recounting the intellectual history of the notion of structural change, providing a critical overview of the arguments that link structural change to growth and development, before outlining the main historical trends in structural change and structural transformation to build an empirical base for the assessment and analysis of structural change. This analysis lays the foundation for an analysis of the drivers and determinants of structural change, with factors including technological change, changes in demand, trade, policy, class interests, and pressure groups being considered. The final part of the book contributes to recent debates on inclusive growth, poverty reduction, income distribution, and the environment. Whether development benefits all members of society in a fair way is one of the most important issues in the development debate, with this volume contributing to the analysis of how structural change affects the inclusiveness and sustainability of socio-economic development.

This book begins with the incomes of the first trillion-dollar company Apple and ends with the advent of Trump and Brexit. Apple symbolizes the arrival of the mega-company and, along with that technology, has come the super-incomes of the plutocrats. In this book we examine the source of those plutocratic incomes and why they have grown so rapidly, generating the anger of those left-behind whose incomes have grown so much less, if at all. The book seeks to provide an explanation of how a world has emerged with such incomes co-existing with dire poverty. It does this by using a lot of data so the reader can see where those with the highest incomes—in the hundreds of millions of dollars—have emerged and where those with incomes of a few thousands just survive. It is a story charting the changing geography of absolute poverty and of the changing position of the unskilled in now-rich countries.

The central theme of this book is to appraise the role of planning to maximize the rate of economic growth, and improve the standards of living and quality of life of the people in India since Independence. The book addresses four core areas. First, it delves into the circumstances which led to the adoption of planning and presents a comprehensive analysis of the economic scenario that unfolded in the six decades between 1951 and 2011, documenting shifts in growth and development strategy. Second, it explores the rate and pattern of economic growth, and traces reasons behind the shortfall in growth rate from the target. Third, the book contextualizes the backdrop against which economic reform measures were introduced to understand how different areas and sectors of the economy were integrated with the reform process. Fourth, it analyses the transition from growth measures pursued until the 1970s, to a mix of growth and redistribution from the 1980s, and then to inclusive growth in the 2000s, and finds out how income, especially of the poor and marginalized sections of the population increased. It makes an assessment of the level and change in poverty over time, and the impact of economic growth on poverty reduction. These four thematic areas of the book are essential to understand the process of economic growth and its impact on the lives of the people in India's rapidly changing socio-economic environment. Finally, it assesses the economic scenario in the 2010s, when planning was abandoned, and pinpoints the reasons behind dipping growth rate, and suggests measures for its revival.

This book provides an intellectual biography of Robert Triffin. Triffin (1911–1993) played a key role in the international monetary debates in the postwar period. He became famous with trenchant analyses of the vulnerabilities of the international monetary system that was dependent on a national currency for its international liquidity (the Triffin dilemma), predicting the end of the Bretton Woods system. Triffin was a child of the interwar period, marked by the Great Depression and the rise of fascism. He became not only an eminent academic but also an influential policy adviser. In the mid-1940s he worked at the Federal Reserve, participating in several monetary reform missions in Latin America. Thereafter, Triffin played an important role in the creation of the European Payments Union. In his later academic life, Triffin put forward proposals for reforming the international monetary system. But because he doubted that they would come to fruition, he also developed plans for regional monetary integration, particularly in Europe, where he became the monetary adviser of Jean Monnet. With proposals for a European Reserve Fund and a European currency unit, he became one of the intellectual fathers of Europe’s monetary union. Throughout his life Triffin remained faithful to the ideals of his youth. The young Triffin was indignant about the Versailles Treaty, while the old Triffin fulminated against the Vietnam War. For him, economics was a way to contribute to a better world. He was strongly attached to his independence and the pursuit of a better and more peaceful world. He was a monk in economist’s clothing.