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F&D
FINANCE & DEVELOPMENT A QUARTERLY PUBLICATION OF THE INTERNATIONAL MONETARY FUND
December 2016 · Volume 53 · Number 4
Front Matter Page
FEATURES
GLOBALIZATION: INSIDERS, OUTSIDERS
Globalization Resets
The retrenchment in cross-border capital flows and trade may be less dire than it seems
Sebastian Mallaby
Leave Zombies Be
The stalled march toward trade liberalization is just as well
Paul Krugman
Get on Track with Trade
Trade raises productivity but may hurt some unless policies redistribute the benefits
Maurice Obstfeld
A Two-Way Street
Policymakers must address economic and political issues to strengthen globalization
David Lipton
New Concept, Old Reality
Globalization is a recent term, but the internationalization of markets, people, ideas, and cultures is nothing new
Harold James
Double-Edged Sword
A more integrated global economy is affecting workers around the world
No Worker Left Behind
The right policy mix means good jobs at home and abroad
Frances O’Grady
A Spoonful of Sugar
High- and low-skill immigration both raise incomes and confer broad benefits on advanced economies
Florence Jaumotte, Ksenia Koloskova, and Sweta Saxena
Upside, Downside
U.S. policy should carry the ball for globalization by turning trade’s gross losers into net winners
Alan S. Blinder
For Richer, for Poorer
International trade can widen inequality in developing economies
Nina Pavcnik
Zulu Sushi and Other Hopes
Globalization has offered little to Africa
Kumi Naidoo
Hollowing Out
The U.S. middle class is shrinking as households climb into higher, or slip into lower, income brackets
Ali Alichi
ALSO IN THIS ISSUE
Flight from Quality
Argentine wine exports tell a tale of consumers’ shift to lower-quality goods after the global financial crisis
Natalie Chen and Luciana Juvenal
Shocks to the Purse
Governments must understand and manage risks to public spending and debt
Benedict Clements, Xavier Debrun, Brian Olden, and Amanda Sayegh
Set the Tone at the Top
Central bank boards benefit from the same critical reviews as company boards
Ashraf Khan
Letter to the Editor
DEPARTMENTS
People in Economics
Ground Breaker
Ismaila Dieng profiles Leonard Wantchekon, a former activist who plans to train the next generation of African economists
Picture This
Food Evolution
Increased agricultural efficiency and productivity are critical for food security
Maria Jovanovic
Currency Notes
Mountains of Cash
Switzerland bucks the global trend by maintaining a cash tradition
David Pedroza
Book Reviews
The Fix: How Nations Survive and Thrive in a World in Decline, Jonathan Tepperman Gaining Currency: The Rise of the Renminbi, Eswar Prasad
The Fourth Industrial Revolution, Klaus Schwab
Illustration: pp. 38, 39, iStock.
Photography: cover, Martha Rial; pp. 2, 4, Jim Graham; p. 6, mf-guddyx/Getty Images; p. 8, François Guillot/AFP/Getty Images; p. 11, Paul Vallejos/El Comercio de Peru/Newscom; p. 12, Luke Sharrett/Bloomberg via Getty Images; p. 17, IMF photo; p. 18, Bain News Service/Interim Archives/Getty Images; p. 20, William England/Getty Images; p. 22, Martha Rial; p. 23, Anastasia Vishnevskaya; p. 24, Anastasia Vishnevskaya, Tiego Tiemtoré; p. 25, courtesy of Convergys One; p. 26, Alberto Ñiquen Guerra; p. 27, Stefan de Vries; p. 28, Jess Hurd/reportdigital.co.uk; p. 30, iStock, Lee Besford/Fairfax Media/Getty Images; p. 33, Wilford Harewood/ The Hale Institute, Emory University; p. 35, Andrew Holbrooke/Corbis via Getty Images; p. 37, Greenpeace; p. 40, Kay Lee Davies/Getty Images; p. 43, Daniel Garcia/AFP/Getty Images; p. 46, Michele Linina/Bloomberg via Getty Images; p. 47, Fabrice Coffrini/AFP/Getty Images, Swiss National Bank; p. 48, Lisa Wiltse/ Corbis via Getty Images; p. 51, Ezra Bailey/Getty Images; pp. 54-56, IMF photo.