14th Sir Arthur Lewis Memorial Lecture 4 November 2009 Sir Cecil Jacobs Auditorium, ECCB Headquarters St Kitts and Nevis
Dr Danny M Leipziger Vice President for Poverty Reduction and Economic Management (PREM) and Head of the PREM Network, World Bank
THE NEW FACE OF GLOBALISATION: A POST-CRISIS ASSESSMENT
It is indeed a great honor to be here with you today and to be asked to share some thoughts with you in honor of Sir Arthur Lewis, who did so much to increase our understanding of development economics and the challenges of poverty reduction.
I can think of very few reasons why I should have been given the honor of addressing you tonight other than the fact that I am married to a Lewis, and perhaps there was
some weight given to genealogy in the selection process. That said, it's a great pleasure to join you all in the presence of Sir Dwight Venner, with whom I have served on the Spence
Commission on Growth and Development over the past three years and whose friendship I hold dear.
Ladies and gentlemen, I have just completed 28 years of work in the field of development economics at the World Bank, and I must say that just as we began to think that we understood things better, we were confronted, as were all of you, by the current economic and financial crisis that has served to humble us.
Arthur Lewis might not have been so surprised, since he dealt with real development problems
stemming from low productivity in agricultural economies rather than derivatives and speculation. But make no mistake, the effects of this confluence of shocks are real and will be with us for quite a while.
My themes today will be three: the contrast between sophistication and progress; the new role of government post crisis; and the inevitable tradeoffs between good national policy and healthy global policies.
Let me begin in a more philosophical vein, namely the distinction between economic sophistication and economic progress.