Manufacturing-led development has provided the traditional model for creating jobs and prosperity. But in the past three decades the conventional pattern of structural transformation has changed, with the services sector growing faster than the manufacturing sector. This raises critical questions about the ability of developing economies to close productivity gaps with advanced economies and to create good jobs for more people. At Your Service? The Promise of Services-Led Development (www.worldbank.org/services-led-development) assesses the scope of a services-driven development model and policy directions that can maximize the model’s potential.

This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.

Three of the largest and strategically most important nations in the world -the Soviet Union, China, and India - are currently in the throes of historic change. The reforms in the giants are transforming global economic and geopolitical relations. The United States must reexamine central tenets of its foreign policy if it is to seize the opportunities presented by these changes.This pathbreaking volume in the Overseas Development Council's series analyzes economic reform in the giants and its implications for U.S. foreign policy. Each of the giants is opening up its economy to foreign trade and investment. What consequences will this have for international trade? Each giant is attempting to catch up to global technological frontiers by absorbing foreign technologies: In what areas might cooperation enhance American interests, and in what areas must the U.S. protect its competitive and strategic assets? What role can key international economic institutions play to help integrate the giants into the international economy? The contributors suggest how U.S. foreign policy should anticipate these new circumstances in ways that enhance international cooperation and security.Contents: Overview: Economic Reform in the Giants and U.S. Policy, by Richard E. Feinberg, John Echeverri-Gent, and Friedemann Miiller; Economic Reform in the USSR, by Friedemann Miiller; Economic Reform in China, by Rensselaer W. Lee III; Economic Reform in India, by John Echeverri-Gent; The Politics of Economic Reform in the Giants, by John Echeverri-Gent, and Friedemann Miiller; Economic Reforms and International Trade, by Thomas Naylor; Technology Transfer to the Giants: Opportunities and Challenges, by Richard P. Suttmeier; and The Geopolitical Consequences of Reform in the Giants, by Elena Borisovna Arefieva.

In this volume, the contributors consider globalization as combining a market ideology with a corresponding material set of practices drawn from the world of business. Issues of managerialism, privatization and accountability - central values in business - have become central for universities and their administrators as well. The selections in the book help to illustrate the editors' contentions that globalization presents clear disadvantages as well as benefits, and that its effect on higher education is neither likely to be uniform nor the outcomes inevitable.