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Distinguished Lecture on Economics in Government: Reflections on Managing Global Integration

  • Lawrence H. Summers

On the topic of globalization and economic integration, I want to address five subjects: The first is the extent of global integration that has taken place and that lies in prospect. The second is the broad case for economic integration and why domestic and global efforts to promote that case have not been more successful. The third is the challenge to policymakers that is posed by what I have called the "economic integration trilemma" --the difficulty of combining the three goals of greater economic integration, proper public economic management, and national sovereignty in a world in which any one of these goals can conflict with the other two. Fourth, I want to reflect on some of the policy implications of increased integration in one area that has been highlighted by the crises in Asia, Russia, and elsewhere: the international capital market. Finally, I will offer some concluding observations about the special role for the United States as the world's only economic superpower in managing global integration.

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Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 13 (1999)
Issue (Month): 2 (Spring)
Pages: 3-18

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Handle: RePEc:aea:jecper:v:13:y:1999:i:2:p:3-18
Note: DOI: 10.1257/jep.13.2.3
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  1. Alesina, Alberto, et al, 1996. " Political Instability and Economic Growth," Journal of Economic Growth, Springer, vol. 1(2), pages 189-211, June.
  2. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
  3. Roubini, Nouriel & Swagel, Phillip & Ozler, Sule & Alesina, Alberto, 1996. "Political Instability and Economic Growth," Scholarly Articles 4553024, Harvard University Department of Economics.
  4. Robert Feenstra, 2003. "Integration Of Trade And Disintegration Of Production In The Global Economy," Working Papers 986, University of California, Davis, Department of Economics.
  5. Barro, Robert J, 1996. " Democracy and Growth," Journal of Economic Growth, Springer, vol. 1(1), pages 1-27, March.
  6. Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118.
  7. Jeffrey G. Williamson, 1998. "Globalization, Labor Markets and Policy Backlash in the Past," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 51-72, Fall.
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