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Kishore Mahbubani

across the ocean suffer consequences too. We live in one economic world. Global warming also drives home the message of a shrinking world. Almost daily we see evidence, such as the Arctic thaw and freak weather patterns, that climate change is real. No single nation can save the world from global warming. Similarly, when one traveler with flu boards a plane, thousands of people round the world can be quickly infected with the disease. The global village must come together in a mighty effort to save it, which calls for a new global ethic to remind us that the lives of

International Monetary Fund

single garment of destiny. Whatever affects one directly, affects all indirectly.” Reinvigorate Trade Nowhere are the issues of economic interdependency greater than in the area of trade. For two decades before the 2000’s, global trade regularly grew by 7 percent, or twice the rate of the world economy. Today, however, trade growth is below that of the global economy—at about 2 percent. 10 “Today’s generation of leaders and policymakers will be measured by their ability to create a global village on a human scale—a place where people can find a safe and

International Monetary Fund

Abstract

This paper focuses on concerns over wages, jobs, and future prospects are real and pressing for those who are not well equipped to thrive in this new world. History clearly tells us that closing borders or increasing protectionism is not the way to go. Many countries have tried this route, and just as many have failed. Instead, we need to pursue policies that extend the benefits of openness and integration while alleviating their side effects. Emerging and developing economies have been the prime beneficiaries of economic openness. According to the World Bank, trade has helped reduce by half the pro¬portion of the global population living in extreme poverty. China, for instance, saw a phenomenal drop in its extreme poverty rate—from 36 percent at the end of the 1990s to 6 percent in 2011. Another example is Vietnam, which—in a single generation—moved from being one of the world’s poorest nations to middle-in¬come status—which has allowed for increased investments in health and education.

International Monetary Fund. External Relations Dept.

public interest in ensuring that global economic integration is supported by a coherent set of coordinated national macroeconomic policies and a harmonized international regulatory regime that addresses the fragilities in our global financial system. This issue of F&D magazine looks at different aspects of interconnectedness. Kishore Mahbubani, dean of the National University of Singapore’s Lee Kuan Yew School of Public Policy and author of the forthcoming book The Great Convergence: Asia, the West, and the Logic of One World , argues that what he terms the global

International Monetary Fund. External Relations Dept.

) 623-7430 Fax: (202) 623-7201 E-mail: publications@imf.org Postmaster : send changes of address to Finance & Development , International Monetary Fund, PO Box 92780, Washington, DC, 20090, USA. Periodicals postage is paid at Washington, DC, and at additional mailing offices. The English edition is printed at Dartmouth Printing Company, Hanover, NH. Features GLOBAL INTERCONNECTIVITY The Global Village Has Arrived Interconnectivity is growing by leaps and bounds Kishore Mahbubani World Economy: Convergence, Interdependence, and

International Monetary Fund

, Straight Talk: Fragmentation Risks , September Prakash Loungani , People in Economics: An American Globalist , March; People in Economics: A Project in Every Port , December M Kishore Mahbubani , The Global Village Has Arrived , September Camelia Minoiu , Caught in the Web , September Hanan Morsy , Scarred Generation , March N Malhar Nabar and Olaf Unteroberdoerster , A Change in Focus , September P Demetrios G. Papademetriou , Migration Meets Slow Growth , September People in Economics : C. Fred Bergsten , March; Laura D