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Artificial Intelligence, Globalization, and Strategies for Economic Development

Author

Listed:
  • Anton Korinek
  • Joseph E. Stiglitz

Abstract

Progress in artificial intelligence and related forms of automation technologies threatens to reverse the gains that developing countries and emerging markets have experienced from integrating into the world economy over the past half century, aggravating poverty and inequality. The new technologies have the tendency to be labor-saving, resource-saving, and to give rise to winner-takes-all dynamics that advantage developed countries. We analyze the economic forces behind these developments and describe economic policies that would mitigate the adverse effects on developing and emerging economies while leveraging the potential gains from technological advances. We also describe reforms to our global system of economic governance that would share the benefits of AI more widely with developing countries.

Suggested Citation

  • Anton Korinek & Joseph E. Stiglitz, 2021. "Artificial Intelligence, Globalization, and Strategies for Economic Development," NBER Working Papers 28453, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:28453
    Note: DEV EFG IFM LS PR
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    JEL classification:

    • F6 - International Economics - - Economic Impacts of Globalization
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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