Kemal Dervis on a Commodity Bubble

Kemal Dervis on a Commodity Bubble
The New School - The New School
Prosperity and Inequality: Debates in India and China Keynote Address by Kemal DervisIndia and China are emerging as major players in the global political economy of this century, having enjoyed record growth rates for the past five years. Yet each faces major social and economic challenges. Both countries are dealing with growing social unrest, widespread poverty, and rising energy needs in a world market shaped by dwindling oil supplies.China's growth is creating massive disparities between its urban and rural sectors, resulting in protests against state authority and restless migrant populations. Citizens face a steady degradation of public health due to runaway industrial growth, while capitalists chafe against the state's tight control of the market. In India, the epidemic of suicides among farmers and episodes of violence against minorities have cast doubts on the benefits of wholesale economic liberalization, unfettered foreign investment, and growth, which are also being challenged by the rise of judicial activism and of an active, vocal civil society.The India China Institute at The New School, now in its third year of sponsoring fellowships, public debates, and research collaborations between experts in India, China, and the United States, is hosting "Prosperity and Inequality: Debates in India and China," a major conference exploring these issues. Participants in the conference, including our own fellows from all three countries as well as experts on urbanization, globalization, and growth in India and China, will discuss Chinese and Indian urbanization and wealth formation, the social and political risks associated with skyrocketing growth in two massive agrarian societies, alternative designs for development in each society, and the quest in both societies for a "third way" of development that combines the virtues of socialism and capitalism without sacrificing democracy and grassroots inclusion - The New School