Juggernaut: How Emerging Powers Are Reshaping Globalization

by Uri B. Dadush, William Shaw

Against the long sweep of economic history, the current moment is special. Living standards advanced so rapidly and across so many countries over the last decade that it is difficult to think of parallels—even the deepest recession since the Great Depression did not halt progress. In Juggernaut , Uri Dadush and William Shaw explore the rise of developing countries and how they will reshape the economic landscape. Dadush and Shaw project that the global economy will more than triple over the next forty years and the advance of a large group of developing countries—home to most of the world's population but seen as supplicants rather than trendsetters less than a generation ago—will drive this improvement. The authors systematically examine the effects of this seismic shift on the main avenues of globalization—trade, finance, migration, and the global commons—and identify the policy options available to leaders in managing the transformation. In the years to come, the rise of emerging economies will likely enhance prosperity but also create great tensions that could slow the process or even stop it in its tracks. Juggernaut calls for leadership by the largest countries in managing these tensions, and underscores the need to cultivate a "global conscience."

257 pages, Paperback

First published May 23, 2011

About the author

Uri Dadush is a former senior associate at the Carnegie Endowment for International Peace. He focuses on trends in the global economy and is currently also tracking developments in the eurozone crisis.

Dadush is interested in the impact of the rise of developing countries for financial flows, trade and migration, and the associated economic policy and governance questions. He is the co-author of four recent books and reports: Inequality in America: Facts, Trends and International Perspective (Brookings, 2012), Juggernaut: How Emerging Markets Are Reshaping Globalization (Carnegie, 2011), Currency Wars (Carnegie, 2011), and Paradigm Lost: The Euro in Crisis (Carnegie, 2010). He has published over a dozen Carnegie papers and policy briefs as well as numerous journal articles.

Before joining Carnegie, Dadush’s experience was split evenly between the public and private sector, where he led a number of business-turnaround situations.

In the private sector, he was president and CEO of the Economist Intelligence Unit and Business International, part of the Economist Group (1986–1992); group vice president, international, for Data Resources, Inc. (1982–1986), now Global Insight; and a consultant with McKinsey and Company in Europe.

In the public sector, he served as the World Bank’s director of international trade and director of economic policy. He also served concurrently as the director of the bank’s world economy group, leading the preparation of the World Bank’s flagship reports on the international economy for over eleven years.

Reviews

[Frank Kelly · Rating 3 out of 5]

We are consumed with our own domestic economic (and political) crisis', barely able to give much attention to the two wars we are are fighting abroad. Meanwhile, the rest of the world which has manuevered keenly (for the most part) through the global economic crisis are changing in enormous, fundamental ways we ignore at the risk to our own competitive capabilities. Dadush and Shaw have done important work here and this should be read carefully by global businesses and US politicians. The future challenges and opportunities will be shaped by clearly understanding what is going amongst the "Emerging Powers.""