The global economy thrives on globalization and the increasing interdependence of finance, production, consumption and trade. Such integration has reduced poverty, yet varying national policies along with ever-increasing speed of transactions and market news have also contributed to imbalances, both among nations and within. Regulations often do not keep pace in managing cross-border debt, foreign direct investment, corporate practices, tax codes or economic bubbles. The eurozone crisis and the US subprime mortgage crisis have demonstrated that one nation’s problems and panic can spread like wildfire. Nations must combine a competitive spirit with cooperation to achieve stable economic growth and sustainable prosperity.

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More On Economy

Tired of waiting for IMF reform, China launches AIIB
In an interview with with YaleGlobal editor Nayan Chanda, Dr. Raghuram Rajan, Chief Economic Adviser to the Government of India and former Chief Economist of IMF explains the background of the global economic crisis, mixed US success in containing it, Europe's challenge and background to reforms on FDI and subsidy launched in India in September, 2012.
Wage inequality may have little association with economic growth, and reversing it would have little impact on growth