In THE NEXT CONVERGENCE: The Future of Economic Growth in a Multispeed World, Michael Spence succinctly describes how the recent period of growth in developing countries is leading to a convergence with the advanced countries, or developed world. He lays out a framework for how the global economy will develop over the next fifty years, and offers much needed wisdom on how to sustain economic growth in advanced and developing countries. The book explores several questions : can we learn over time to manage something as complex as the emerging and evolving global economy, with its rising interdependencies and complexity? What will happen to populations, incomes, natural resources, and the environment? Is it possible for the fourfold increase in the ranks of the relatively wealthy to continue, or is there a massive multidimensional “adding up” problem in which what was possible for a “few” will not be possible for the “many”? Finally, is the management and governance of the global economy that was in place for the last quarter century going to work in the future, or is it going to need fundamental change?
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