Justin Yifu Lin born as Zhengyi Lin the 60 year old Taiwanese economist and former Chief Economist and Senior Vice President of the World Bank has published an article on Project Syndicate titled ‘Industrialization’s Second Golden Age’. In the article Yifu Lin states “…Historically, except for a few oil-exporting economies, no country has ever become rich without industrializing. Thus, all eyes nowadays should be on our economies’ real sectors. Confronted by the global financial crisis that looms over Europe, political leaders around the world are waking up to a stark new reality: unless the developed countries stop relying excessively on financial deal-making and start to rebuild from the ground up, they will lose their current standard of living. The global community must look beyond the eurozone and sovereign-debt crises and pay attention to the opportunity of structural transformation in the developing world’s real sectors. By structural transformation, I mean the process by which countries climb the industrial ladder – their workforces move into higher value-added manufacturing sectors as their sources of production advance. …For developing countries to benefit fully from industrial upgrading in China and other large emerging-market economies, their governments must identify tradable industries that are consistent with their latent comparative advantage. They also must help private firms to resolve information, coordination, and externality issues in the process of industrial upgrading. …In short, the imminent golden age of industrialization in developing countries will help to create jobs and spur recovery in advanced countries. The benefits of this new era will be two-pronged: it will contribute to the achievement of the UN Millennium Development Goals – the plan to cut world poverty in half by 2015 – and also will help to drive a global recovery. Then, we may see a golden age for all.”  Inspired by Justin Yifu Lin, Project Syndicate ow.ly/gT0bU Image source Bdwgast ow.ly/gSZUZ We may see a golden age for all (January 25 2013)

Justin Yifu Lin born as Zhengyi Lin the 60 year old Taiwanese economist and former Chief Economist and Senior Vice President of the World Bank has published an article on Project Syndicate titled ‘Industrialization’s Second Golden Age’. In the article Yifu Lin states “…Historically, except for a few oil-exporting economies, no country has ever become rich without industrializing. Thus, all eyes nowadays should be on our economies’ real sectors. Confronted by the global financial crisis that looms over Europe, political leaders around the world are waking up to a stark new reality: unless the developed countries stop relying excessively on financial deal-making and start to rebuild from the ground up, they will lose their current standard of living. The global community must look beyond the eurozone and sovereign-debt crises and pay attention to the opportunity of structural transformation in the developing world’s real sectors. By structural transformation, I mean the process by which countries climb the industrial ladder – their workforces move into higher value-added manufacturing sectors as their sources of production advance. …For developing countries to benefit fully from industrial upgrading in China and other large emerging-market economies, their governments must identify tradable industries that are consistent with their latent comparative advantage. They also must help private firms to resolve information, coordination, and externality issues in the process of industrial upgrading. …In short, the imminent golden age of industrialization in developing countries will help to create jobs and spur recovery in advanced countries. The benefits of this new era will be two-pronged: it will contribute to the achievement of the UN Millennium Development Goals – the plan to cut world poverty in half by 2015 – and also will help to drive a global recovery. Then, we may see a golden age for all.”

 

Inspired by Justin Yifu Lin, Project Syndicate ow.ly/gT0bU Image source Bdwgast ow.ly/gSZUZ