Christine Lagarde

After nearly fifty years of starts, stops, reversals, and sacrifices, Jamaica has arrived at the shores of economic stability. Given the country's dire position only a decade ago, few would have believed this possible. Yet since then, Jamaica has reduced the national debt by a dramatic three-fourths of GDP, logged a record number of consecutive quarters of economic growth, reduced unemployment to historic lows, accumulated record levels of foreign exchange reserves, and become a model of fiscal prudence for other nations. What kinds of policies are responsible for this transformation? How can future leaders help ensure that the gains of this newfound stability do not wash away, sabotaging the nation's progress towards economic independence and greater well-being for more Jamaicans? Capturing the story of Jamaica's economic pitfalls and progress across the years of his combined public service (2016-2024), Nigel Clarke, outgoing Minister of Finance and the Public Service, who was previously Ambassador of Economic Affairs, brings deep pragmatism, optimism, and love of country to bear upon these questions. Openly sharing the thought processes and principles that drove macroeconomic policymaking during his tenure - one that included a devastating global pandemic and a Category 5 hurricane - Clarke advocates for the continuation of policies that form the guardrails of stability and illustrates the importance of maintaining buffers against future shocks. Covering a wide range of topics, from inflation, debt, and international capital markets to disaster-risk financing, public-private partnerships, and strong institution building, Clarke presents with plain-spoken wisdom a pathway for approaching economic governance with intention, discipline, bipartisanship, and inspiration, leaving footprints in the sand for those who will write future chapters of Jamaica's economic history.

After nearly fifty years of starts, stops, reversals, and sacrifices, Jamaica has arrived at the shores of economic stability. Given the country's dire position only a decade ago, few would have believed this possible. Yet since then, Jamaica has reduced the national debt by a dramatic three-fourths of GDP, logged a record number of consecutive quarters of economic growth, reduced unemployment to historic lows, accumulated record levels of foreign exchange reserves, and become a model of fiscal prudence for other nations. What kinds of policies are responsible for this transformation? How can future leaders help ensure that the gains of this newfound stability do not wash away, sabotaging the nation's progress towards economic independence and greater well-being for more Jamaicans? Capturing the story of Jamaica's economic pitfalls and progress across the years of his combined public service (2016-2024), Nigel Clarke, outgoing Minister of Finance and the Public Service, who was previously Ambassador of Economic Affairs, brings deep pragmatism, optimism, and love of country to bear upon these questions. Openly sharing the thought processes and principles that drove macroeconomic policymaking during his tenure - one that included a devastating global pandemic and a Category 5 hurricane - Clarke advocates for the continuation of policies that form the guardrails of stability and illustrates the importance of maintaining buffers against future shocks. Covering a wide range of topics, from inflation, debt, and international capital markets to disaster-risk financing, public-private partnerships, and strong institution building, Clarke presents with plain-spoken wisdom a pathway for approaching economic governance with intention, discipline, bipartisanship, and inspiration, leaving footprints in the sand for those who will write future chapters of Jamaica's economic history.

Leading economists propose solutions to the problems of globalizationGlobalization has expanded economic opportunities throughout the world, but it has also left many people feeling dispossessed, disenfranchised, and angry. Luís Catão and Maurice Obstfeld bring together some of today's top economists to assess the benefits, costs, and daunting policy challenges of globalization. This timely and accessible book combines incisive analyses of the anatomy of globalization with innovative and practical policy ideas that can help to make it work better for everyone. Meeting Globalization's Challenges draws on new research to examine the channels through which international trade and the diffusion of technology have enhanced the wealth of nations while also producing unequal benefits within and across countries. The book provides needed perspectives on the complex interplay of trade, deindustrialization, inequality, and the troubling surge of nationalism and populism—perspectives that are essential for crafting sound economic policies. It tackles the vexing issue of how to most effectively compensate globalization's losers and reintegrate them into job markets. The book also explores how to design social insurance policies that can mitigate the risks posed by automation and offshoring, such as mass unemployment and its inherent dangers to democracy. With a foreword by International Monetary Fund Managing Director Christine Lagarde and a history-rich synthesis by Catão and Obstfeld of main policy takeaways, Meeting Globalization's Challenges features contributions by Ufuk Akcigit, Edward Alden, François Bourguignon, Angus Deaton, Rafael Dix-Carneiro, Jeffry Frieden, Gordon H. Hanson, Keyu Jin, Lori G. Kletzer, Anne Krueger, Paul Krugman, Nina Pavcnik, Andrés Rodríguez-Clare, Dani Rodrik, Michael Trebilcock, Laura D. Tyson, Martin Wolf, and Ernesto Zedillo.