Praise for Learning from the World

“At a time when political systems everywhere, not least in the United States, seem to be running out of solutions for many complex problems faced by societies, it is refreshing to read this book where a valuable inventory of experiences and propos-als are provided in prose that, without sacrificing intellectual rigor, can be enjoyed by both the specialist and the general public.” – Ernesto Zedillo, Director, Yale Center for the Study of Globalization, USA and former President of Mexico

“This book is a tour de force of ideas for global reinvention. The authors draw on the vast experience of hands-on reformers from around the world and present read-ers with a dazzling array of options for making real change.” – Howard Dean, former Governor of Vermont and former Chairman of the Democratic National Committee

“This important book recognizes that the US is experiencing accelerating rela-tive economic, political and military decline. Rather than appealing to vacuous American exceptionalism, it offers a workable alternative based both on America’s strengths and on the best the rest of the world has to offer. Pondering the many constructive and politically feasible proposals for collective action in this volume, I experienced a sense of optimism and confidence that this nation can once again become a ‘beacon on a hill’ for the world. Not in the triumphalist sense, but as a shining example born out of failure, trial and error and the willingness to be open to the best the rest of the world has to offer – a melting pot that enhances what it absorbs, with both pride and humility.” – Willem Buiter, Chief Economist of the European Bank for Reconstruction and Development (2000–2005), Member of the Monetary Policy Committee, Bank of England (1997–2000)

“Learning from the World highlights an under-recognised opportunity for American policymakers to draw insight from other countries that are facing, or have faced, similar challenges. Through a varied and thought-provoking set of essays and case studies, editors Aniket Shah and Joe Colombano draw out a number of very ac-tionable lessons for the United States from both developed and developing coun-tries around the world.” – Dominic Barton, Global Managing Director at McKinsey & Company

“America is more used to being judged by its own standards than clinically com-pared to other countries and their standards of competitive excellence. The results are revealing.” – Mark Malloch Brown, Regional Chairman, FTI Consulting, UK, and former Deputy Secretary-General of the United Nations

“The volume Learning from the World is an exceptional collection of essays that provides insightful solutions to the problems facing America. But it is not only America that can benefit from the experiences culled from a diverse group of coun-tries across the globe. I highly recommend this volume to anyone desiring to secure sustainable growth and development for their countries and for the entire world.” – Changyong Rhee, Chief Economist, Asian Development Bank

“The global economy has become more complex than ever before, with more coun-tries facing the central question of how to remain competitive in a converging world. New perspectives are needed to deal with these challenges. Nowhere is this more relevant than the United States. This is a bold, refreshing and creative volume that will help policy-makers and students be better equipped for the 21st century.” – Ricardo Hausmann, Director of Harvard’s Center for International Development and Professor of the Practice of Economic Development, Harvard University, USA

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Learning from the WorldNew Ideas to Redevelop America

Edited by

Joe Colombano

and

Aniket Shah

Editorial, selection, introduction and conclusion © Joe Colombano and Aniket Shah 2014Individual chapters © Contributors 2014Foreword © Jeffrey Sachs 2014

All rights reserved. No reproduction, copy or transmission of thispublication may be made without written permission.

No portion of this publication may be reproduced, copied or transmittedsave with written permission or in accordance with the provisions of theCopyright, Designs and Patents Act 1988, or under the terms of any licencepermitting limited copying issued by the Copyright Licensing Agency,Saffron House, 6–10 Kirby Street, London EC1N 8TS.

Any person who does any unauthorized act in relation to this publicationmay be liable to criminal prosecution and civil claims for damages.

The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988.

First published 2014 byPALGRAVE MACMILLAN

Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited,registered in England, company number 785998, of Houndmills, Basingstoke,Hampshire RG21 6XS.

Palgrave Macmillan in the US is a division of St Martin’s Press LLC,175 Fifth Avenue, New York, NY 10010.

Palgrave Macmillan is the global academic imprint of the above companiesand has companies and representatives throughout the world.

Palgrave® and Macmillan® are registered trademarks in the United States,the United Kingdom, Europe and other countries

This book is printed on paper suitable for recycling and made from fullymanaged and sustained forest sources. Logging, pulping and manufacturingprocesses are expected to conform to the environmental regulations of thecountry of origin.

A catalogue record for this book is available from the British Library.

A catalog record for this book is available from the Library of Congress.

ISBN 978-1-349-47599-5 ISBN 978-1-137-37213-0 (eBook) DOI 10.1057/9781137372130

Softcover reprint of the hardcover 1st edition 2014 978-1-137-37212-3

v

List of Tables vii

List of Figures viii

Foreword by Jeffrey Sachs x

Acknowledgments xiii

Notes on Contributors xiv

1 Introduction: A New Approach to Redevelop America 1 Joe Colombano and Aniket Shah

Part I Macroeconomic Challenges

2 Global Financial Integration, China, and the Role of America 15

Ning Zhu

3 A Lesson from the South for Fiscal Policy in the US and Other Advanced Countries 26 Jeffrey Frankel

4 Breaking through on Job Creation 51 Bill Drayton

5 Taming Deficits: Automatic Debt Brakes and Participatory Democracy in Switzerland 54

Thomas Held and Simon Ingold

Part II Institutional Framework and Policy Tools

6 The German Labor Market in the Great Recession: Lessons for Other Countries 69

Felix Hüfner, Andreas Wörgötter, and Caroline Klein

7 A New Housing Finance System for the US? Lessons from the Danish Model 89

Morten Baekmand Nielsen and Jesper Berg

8 For a National Investment Bank 106 Robert Skidelsky and Felix Martin

Contents

vi Contents

Part III Infrastructure, Innovation, and Competitiveness

9 Boosting Export Growth: Lessons from Korea 117 Abraham Kim and Whitney Haring-Smith

10 Smart Cities, Smart US: International Models 130 Nashid Nabian

11 Brazil: An Emerging Economic Power Committed to Sustainability 142

Emma Torres, Sérgio Besserman Vianna, and Kevin Currey

Part IV Social Policies

12 Health for America: European Arguments for a Paradigm Shift 167 B. Serdar Savaş and Tomris Cesuroglu

13 Closing the Health Gap: Lessons from Africa 185 Prabhjot Singh

14 National Education Policy and Programs: Insights from Finland 198

Timo Lankinen and Kristiina Kumpulainen

15 For a Human Rights Approach to Health and Housing: Lessons from Japan and the Netherlands 215

Mila Rosenthal

16 What has Caused America’s Economic Inequality and What Does it Mean for America’s Future? 227

Zachary Michaelson

Part V Policy and Values

17 The Listening State 243 Christian Madsbjerg

18 The Economic Opportunity of Improving Peace in the United States 254

Steve Killelea and Camilla Schippa

19 Individual Freedom in a Gandhian Perspective 267 Sudarshan Iyengar

20 Dialog on the Destinies of Nations 277 Karma Ura

Conclusion

21 The America We Want 291 Joe Colombano and Aniket Shah

Index 301

vii

List of Tables

1.1 Global competitiveness indicators 2012 (selected indicators, rankings out of 144 countries) 7

3.1a GDP growth error in official forecast—effect of GDP gap, in 33 countries 38

3.1b GDP growth error in official forecast—effect of absolute GDP gap 38

3.2a Budget balance error in official forecast as % of GDP—effect of GDP gap, in 33 countries 39

3.2b Budget balance error in official forecast as % of GDP—effect of absolute GDP gap 39

3.3 Budget balance error in official forecast as percentage of GDP—effect of SGP rules, in 33 countries 40

3.4 GDP growth rate error in official forecast—effect of SGP rules, in 33 countries 41

3.5 GDP growth as a short-term determinant of budget balance in 33 countries 42

3.6 Short-term determinants of Chile’s budget deficit 426.1 Decomposing the increase in the unemployment rate 736.2 Contributions to changes in average annual working hours 766.3 A timeframe of labor market reforms in Germany, 2000–10 807.1 Housing finance model comparison 957.2 Government mortgage market support 10311.1 Deforestation rates in the Amazon by state, 2000–10 14814.1 International learning outcomes 20015.1 SERF Index economic and social rights indicators 21715.2 Ranking on high-income OECD country SERF

Right to Health Index 220

viii

List of Figures

1.1 The American malaise: symptoms 43.1 States ranked by federal spending received per tax dollar

paid in 2005 versus party vote ratio in recent presidential elections 293.2 The Shared Sacrifice approach (1990s) succeeded in

eliminating budget deficits, but the Starve the Beast approach failed (1980s and 2000s) 30

3.3 Official US forecasts for 2002, 2003, and 2004 budget surpluses, as revised every six months 31

3.4 Cyclical correlations between government spending and GDP through 2003 35

3.5 Short-term influence of copper price movements on Chile’s budget 43

3.6 Chile’s official budget forecasts are not prone to the optimism bias of other countries. Annual data, 1985–2010, 33 countries 44

6.1a Unemployment reaction in Germany 706.1b Unemployment reaction in Germany relative to OECD countries 716.2 Hours adjustment and hourly labor productivity in the

crisis. Percentage change in total hours worked from peak to trough. Hourly labor productivity, annual growth, percent 72

6.3 Change in employment by sector; percentage change between 2008q4 and 2009q4 74

6.4 Actual versus projected employment across sectors in Germany 756.5 Short-time work schemes: take-up by firms, 2009, percent 776.6 Structural unemployment rates and the German Beveridge curve 816.7 Wage moderation before the crisis and employment

during the crisis, OECD 836.a1 The Okun coefficient over time 866.a2 Actual versus simulated labor market outcomes: unemployment

rate and employment, millions 867.1 House price inflation and delinquencies in the

United States and Denmark 967.2 Swaps spreads in basis points for mortgage-backed bonds

in the US and Denmark 997.3 Issuance of European and Danish covered bonds and

government-guaranteed bank debt (GGBD) 1007.4 Growth in mortgage bank lending and bank lending in Denmark 102

List of Figures ix

9.1 Share of GDP from exports (%) 118 9.2 Share of merchandise exports to developing nations (%) 11811.1 Declining poverty and income inequality in Brazil 14311.2 Reduced deforestation despite growing soy and

cattle production 14911.3 The poverty rate 15711.4 Spending as a percentage of real GDP 15712.1 Life expectancy at birth for total population (years) in

OECD member countries for 2009 16812.2 Health expenditure as share of GDP in OECD countries for 2009 16915.1 SERF outcomes for high-income OECD countries 21816.1 Inequality versus current account 22816.2a English-speaking countries: share of income to top 1 percent 23016.2b Continental Europe and Japan: share of income to top 1 percent 23016.3 Income inequality and political polarization, 1947–2009 23418.1 The more a state graduates its students, the more peaceful

it tends to be (2008) 25918.2 States with higher rates of health insurance tend to

be more peaceful 26018.3 Greater access to basic needs in a state is closely correlated

to the level of peace in that state 26118.4 States with a higher poverty rate tend to have more violence 26118.5 States with more children living in single-parent families

tend to be less peaceful 262

x

ForewordJeffrey Sachs

As editors Joe Colombano and Aniket Shah explain in their Introduction to this important volume, “this book is about generating new ideas” for America. The backdrop is America’s deepening social crisis—of public confidence, finance, employment, inequality, and governance—a crisis that has been tightening its grip for at least a generation and arguably longer. Yet the book is much more than another description or diagnosis of the crisis. It is all about solutions, based on insightful case studies and success stories from around the world.

The volume covers a remarkable range of themes and topics from a diverse collection of contributors from all parts of the world, and does so in a stimu-lating and constructive way. A close reader will most likely agree with many of the essays and be skeptical of some others, but be energized and creatively pro-voked by all of them. For in these pages, Americans are able to do what comes least naturally in our public debate: to raise our gaze above local concerns and clichés by learning from the rest of the world. This opportunity is reason enough to celebrate this highly original collection of essays.

I have had the good fortune to witness first hand many of the experiments and policy reforms around the world that are described in the chapters. I have watched as other nations have successfully adopted bold and innovative approaches to the challenges of globalization, technological change, grow-ing and aging populations, and a deepening environmental crisis. And I have been amazed and dismayed at how those valuable experiences from abroad are typically ignored, misunderstood, or misrepresented in the US. Now many of these important experiences are described with eloquence, clarity, and insight for the benefit of an American readership.

One of the book’s most powerful chapters is “The Listening State,” by Christian Madsbjerg. The chapter is all about the right ways to learn—by lis-tening to others with an open mind. Madsbjerg especially urges governments to listen and learn from their own citizens. But they also, in effect, describe the aim of the entire volume: to open America’s gaze to powerful lessons from abroad, in order to speed the embrace of real solutions to America’s many prob-lems.

All large countries, not just the US, find it especially difficult to learn from abroad. China, after all, squandered its vast economic advantage hundreds of years ago when it came to believe that the Middle Kingdom had little to learn from the rest of the world. The Soviet Union was brutally and hermetically

Foreword xi

sealed, and ultimately collapsed as a result of its cruel, self-imposed isolation from global knowledge and advance. Brazil lost decades of potential economic advancement through inward-looking policies that once upon a time assumed that Brazil’s vast internal market would be the stimulus needed for Brazil’s pro-ducers. Fortunately, most countries are now learning to gaze outward. China and Brazil in recent decades have not only looked abroad for lessons, but have translated those lessons brilliantly to local conditions and to vast economic and social benefit.

Of course, the failure to listen goes beyond the problem of big countries. It is also a feature of the world more generally, of the “white noise of the infor-mation age” in the telling phrase of Madsbjerg. We are trapped day by day in a noise cycle that masquerades as a news cycle. In the mass-media world, poli-ticians produce immediate soundbites to address any and all events, leaving them and us no quiet time to catch our breaths, refresh our knowledge, and learn from the flow of experience. The onslaught of advertising adds to the confusion and disorientation. In the face of this media onslaught, Sudarshan Iyengar wonderfully bids us to relearn the path to becoming autonomous moral agents once again, drawing on the precepts of Gandhi. Karma Ura similarly bids us, through the wisdom of the Tantric Lama, to “regain our autonomy and self-mastery.”

The pervasive theme throughout the volume is the need of all countries, large and small, rich and poor, to grapple with the complex and novel challenges of globalization. Labor markets are changing. Information technologies and the media are rapidly rewiring our economies and even our minds. The global environment is increasingly threatened, and threatening, to human security. Politicians are caught between global harsh realities and their own local politics. Trade is a powerful engine of growth, but only if one looks ahead to the rise of new emerging markets, not backward to one’s traditional trading partners.

These problems themselves are not the biggest cause for alarm; even more alarming has been that American responses now seem to be off-target, if they come at all. Fortunately, the essays collected here are filled with powerful insights and lessons on creative ways that other countries are handling these powerful stresses and strains.

• Brazil has used smart social and environmental policies, coupled with sci-entific advances, to speed economic growth, narrow inequality, and protect the environment (Torres, Besserman Vianna, and Currey).

• Smart cities around the world are creating smart grids, with greater product-ivity, quality of life, and energy efficiency (Nabian).

• The European Investment Bank (EIB) demonstrates how development banks can leverage private funding for large-scale infrastructure (Skidelsky and Martin).

xii Foreword

• Denmark’s new government is successfully reconstituting a “listening state” (Madsbjerg).

• Netherlands has controlled homelessness through effective, low-cost insti-tutions of “social housing” (Rosenthal).

• Many countries rich and poor (including Nigeria) are showing how more holistic health-care strategies can achieve better health outcomes at lower cost (Singh; Savaş and Cesuroglu).

• Korea, Chile, Switzerland, and China, have successfully stabilized their economies through effective and forward-looking monetary, fiscal, finan-cial, and trade policies (Held and Ingold; Frankel; Kim and Haring-Smith; and Ning Zhu).

• Finland has improved its educational performance through a strong nation-wide commitment to educational equity, lifelong learning, and improved curriculum development (Lankinen and Kumpulainen); and

• Germany has maintained low unemployment rates through a decade of wage restraint, labor market reforms, active labor market policies, and work-hour flexibility (Hüfner, Wörgötter, and Klein).

In the coming years, the “triple-bottom-line” challenge of sustainable develop-ment—how to combine economic progress, social equity, and environmental sustainability—will loom larger and larger. It is not just the US that faces the 21st-century challenge of adjusting to our crowded and interconnected planet. Indeed, it is the universality of the challenge of sustainable development that ultimately gives this remarkable volume its greatest strength. That is why the volume’s powerful appeals to human rights, moral autonomy, peace (Killelea and Schippa), and global enlightenment (Karma Ura), are so compelling.

In my recent book The Price of Civilization, I also argued that solutions exist to the complex problems of globalization, if we choose as a society to invest in the solutions. I learned enormously from these new essays, and I have great confidence that this creative and impressive volume will help to stimulate a new era of successful problem-solving in the United States and beyond.

xiii

Acknowledgments

We are grateful to the many dozens of people around the world who have helped make this volume possible. First and foremost, we would like to thank the 33 contributors, who hail from five continents and over 15 countries. This volume simply would not have been possible without their intellectual bold-ness, enthusiasm, support, and patience.

Purwa Bansod played a critical role as project manager. Her tireless support in the research, editing, and coordination of the volume was invaluable to its completion.

Taiba Batool from Palgrave Macmillan brought the volume to life. We are grateful for her dedication and guidance.

We would also like to thank the following people for their partnership and mentorship: Jeffrey Sachs, Ernesto Zedillo, Robert Skidelsky, Yoon Young-kwan, Wing Woo, Mark Malloch Brown, Hendrik du Toit, Shashi Tharoor, Margrethe Vestager, Amina J. Mohammed, Carol Graham, Haynie Wheeler, Thomas Barry, Erik Nielsen, Parfait Onanga Anyanga, Moses Rugema, Erin Graham, Jaideep Prabhu, Marco Valli, Mathieu Lefevre, Marcelo Drago, Salvatore Zappalà, Mikkel Krenchel, Jacob Nielsen, Pedro Conceição, Valentina Kalk, Katherine Tweedie, Shigeru Shimizu, Walid Tabanji, Thomas Kyhl, Geremia Palomba, David Laffey, Noah DeBonis, Claire Bulger, Lei Lei Song, Ricardo Ffrench-Davis, Som Mittal, Kanhaiya Singh, Casey Gerald, Kate Pickett, Anna Barford, Carlo Ratti, Michael Shank and Fuat Savas.

Lastly, thank you to our families and friends for their encouragement and support.

The views expressed herein are those of the editors only and do not neces-sarily reflect the views of the United Nations, Investec Asset Management, or any other institutions with which the editors are, or were previously, affiliated.

xiv

Notes on Contributors

Joe Colombano (Editor) is Economic Advisor in the Executive Office of the Secretary-General at the United Nations. Joe is an economist with over 15 years of experience in emerging markets, and his work focuses on addressing the macroeconomic challenges of low- and middle-income countries. Previous to his current position, Joe built a career in development finance, first at the World Bank in Washington, DC, and later in London, at the European Bank for Reconstruction and Development, including as advisor to its Board of Directors. As a banker, Joe worked with corporate parties and governments to co-invest in project finance transactions in the infrastructure sector in the former Soviet Union. He received his graduate degrees from the University of Warwick in the UK and Harvard University in the US.

Aniket Shah (Editor) is a strategist at Investec Asset Management and a lead-ing member of the firm’s Investment Institute. In this position, he directs research projects focusing on macroeconomic developments and investment opportunities around the world. Prior to this role, Aniket worked at The Earth Institute at Columbia University, where he served as Special Assistant to the Director. A graduate of Yale University, where he was a finalist for the Rhodes Scholarship, Aniket was a research assistant to the Director of the Yale Center for the Study of Globalization from 2006 to 2009. Aniket is a member of the Board of Directors of Amnesty International USA, and currently serves as Treasurer of the organization.

Notes on Contributors xv

Jesper Berg is Head of Regulatory and Rating Affairs at Danish mortgage bank Nykredit. Berg spent 18 years with the Danish Central Bank, including as Head of Financial Stability and Head of Market Operations. He previously worked at the European Central Bank in Frankfurt as Head of the Capital Markets and Financial Structures Division, and at the International Monetary Fund in Washington, DC as an economist in the Exchange and Trade Relations division. Among his publications is the book The Fall of Finance (2009). He holds a Master’s in Economics from the University of Copenhagen and an MBA from IMD.

Sérgio Besserman Vianna, carioca economist and ecologist, is President of Sustainable Development at the Technical Chamber of the city of Rio de Janeiro and Professor of Economics at the Catholic University of Rio de Janeiro (PUC-Rio). He is also a columnist and commentator on urban sustainability issues for diverse media outlets and a member of the NGO Council on Sustainability. He served as Planning Director of the Brazilian Development Bank (BNDES), President of the Brazilian Institute of Geography and Statistics (IBGE), and President of the Municipal Urbanism Institute Pereira Passos (IPP).

Tomris Cesuroglu is a Marie Curie Fellow at the Institute for Public Health Genomics at Maastricht University. She worked at BSS United Health Systems Consultancy (Istanbul) in various areas including healthcare systems and pol-icies, health management, health services planning, and healthcare quality. She contributed to the establishment of the GENAR Institute for Public Health and Genomics Research in Ankara and became its Research and Development Coordinator, working on healthcare service models, genetics of complex diseases, public health genomics, personalized medicine, and personalized healthcare. Her experience covers research, development, and implementa-tion in those areas. She received her MD from Hacettepe University Faculty of Medicine, Ankara, Turkey (2002).

Kevin Currey is an anthropologist and independent researcher. He has worked as a consultant for the United Nations Development Programme, Brown University’s Leadership Institute, and is a respected author and international economist. Kevin has also performed fieldwork in arctic Alaska and man-aged conservation programs for a nonprofit organization in southern Kenya. He holds a Master’s in Environmental Management from the Yale School of Forestry & Environmental Studies and a BA in Environmental Studies from Yale College. He lives in New York.

Bill Drayton is a social entrepreneur and the founder and current Chair of Ashoka: Innovators for the Public, a non profit organization dedicated to fos-tering social entrepreneurs worldwide. Drayton also chairs the Community Greens, Youth Venture and Get America Working! Bill began his career as a consultant with McKinsey and Company in New York. From 1977 to 1981, Bill

xvi Notes on Contributors

served as Assistant Administrator at the US Environmental Protection Agency. He is the recipient of many awards, including the Yale School of Management’s annual Award for Entrepreneurial Excellence, and the National Public Service Award jointly by the American Society of Public Administration and the National Academy of Public Administration. He is a graduate of Harvard University, Oxford University, and Yale Law School.

Jeffrey Frankel is James W. Harpel Professor of Capital Formation and Growth at Harvard University’s Kennedy School of Government. He directs the program in International Finance and Macroeconomics at the National Bureau of Economic Research, where he is also on the Business Cycle Dating Committee, which officially declares recessions. He served at the Council of Economic Advisers in 1983–4 and 1996–9. He currently serves as a foreign member of the Monetary Policy Committee of the Bank of Mauritius and on advisory panels for the Federal Reserve Banks of New York and Boston, the Peterson Institute for International Economics, and the Bureau of Economic Analysis. His research interests include international finance, currencies, mon-etary and fiscal policy, commodities, regional blocs, and global environmental issues. He was born in San Francisco, graduated from Swarthmore College, and received his Economics PhD from MIT.

Thomas Held is currently a consultant, project manager, and regular colum-nist and keynote speaker in Zurich, Switzerland. From 2001 to 2010, he was the founding Managing Director of Avenir Suisse, an economic and social policy think tank established by 14 Swiss multinational firms, and today supported by well over 100 private sponsors. Held holds a PhD in Sociology and Social History. Prior to heading Avenir Suisse, he ran his own consultancy company, working mainly with the publishing industry. From 1992 to 2000 he held the post of Owner-CEO for the development of the Lucerne Culture and Congress Centre. He previously worked at Hayek Engineering AG and as a senior vice-president at Ringier AG, the international publishing and printing company.

Felix Hüfner is Senior Economist and Head of the Germany and Slovakia desk in the OECD Economics Department. Prior to joining the OECD in 2005, he worked as an economist at the Deutsche Bundesbank and the European Central Bank, and was a research fellow at the Centre for European Economic Research (ZEW) in Mannheim, Germany. He graduated in Economics from the University of Munich and holds a PhD in Economics from the University of Würzburg.

Simon Ingold is Vice President in the Global Markets Division at Nomura International plc based in Zurich, Switzerland. From 2009 to 2011, he was an external columnist for Neue Zürcher Zeitung, the leading Swiss daily, writing about current affairs. Prior to joining Nomura, Ingold worked at Horizon21,

Notes on Contributors xvii

an alternative asset management firm in Pfäffikon, Switzerland and in struc-tured finance in New York. He holds an MA in International Relations and Economics from Yale University and a BA from the University of St. Gallen. His research interests are in the fields of finance, political economy, and Swiss-American relations.

Sudarshan Iyengar is Vice Chancellor of the Gujarat Vidyapith, which was founded by Mahatma Gandhi in 1920. Trained in economics and rural plan-ning, Iyengar’s research experience stretches for over two decades in tribal- dominated areas in Gujarat, India. He has contributed to the rehabilitation of families affected by the Narmada dam. He was Director of the Gujarat Institute of Development Research, Ahmedabad and Centre for Social Studies, Surat. His current interests are environment and ecological, economics and Gandhian thought.

Steve Killelea is Founder and Executive Director of the Institute for Economics and Peace. He is an accomplished entrepreneur in high-technology business development, and a philanthropist in the areas of sustainable development and peace. Killelea’s latest initiative, the Institute for Economics and Peace, is an international research institute dedicated to building a greater under-standing of the inter relationships between business, peace, and economics. The Institute’s ground breaking research includes the Global Peace Index—the world’s leading measure of national peacefulness. Killelea serves on a number of advisory boards including the International Crisis Group (ICG), the Alliance for Peacebuilding, and the OECD’s Global Project on Measuring Progress of Societies, and is an International Trustee of the World Council of Religions for Peace.

Abraham Kim is the Vice President of the Korea Economic Institute (KEI), where he oversees and manages KEI’s research programs and publications. His interests cover a wide range of issues related to US–Korea relations. He has written extensively on Northeast Asia including articles in the Asian Wall Street Journal, the Washington Times, Foreign Policy, Joongang Ilbo, and the Korea Times. Prior to joining KEI, Dr Kim was Research Manager of Government Services and the principal Korea analyst at the global political risk consulting firm, Eurasia Group. Kim received his BA from Boston University, his MA from Harvard University, and his PhD in Political Science from Columbia University.

Caroline Klein joined the OECD as an economist on the Germany and Slovakia desk in 2010. Before that, she worked at the French Treasury in the Macroeconomic Policy and European Affairs Directorate. She graduated from the National School of Statistics and Economic Administration (ENSAE) in Paris and holds a Master’s in Macroeconomics from the University Paris 1 Pantheon Sorbonne.

xviii Notes on Contributors

Kristiina Kumpulainen is Director of the Information and Evaluation Services Unit at the Finnish National Board of Education (FNBE). She holds adjunct professorships at the University of Helsinki and University of Turku in Finland. Her research interests focus on formal and informal learning, learning envi-ronments, innovative schools and their pedagogies, teacher professional devel-opment, life-long learning policies and practices, as well as interdisciplinary research for the promotion of learning in the 21st century. She is the Editor-in-Chief of Lifelong Learning in Europe Journal (LLinE) and is a co-editor of, Journal of the European Teacher Education Network (JETEN). She has been a visiting pro-fessor at the University of Warwick and at the University of California, Santa Barbara.

Timo Lankinen is Permanent Under-Secretary of State in the Office of the Prime Minister of Finland. He was previously the Director-General for the Finnish National Board of Education, the national agency in charge of develop-ment of education. He joined the Finnish Ministry of Education in 1984, first as Superintendent, Project Manager and Government Counsellor, and later as Director General for Vocational Education and Training. He was the chairman of the Parliamentarian Working Group designing the national objectives for Finnish basic education. He is currently the chair of the reorganization of the Finnish central government and the chair of special rapporteurs evaluating Finnish government research institutes and the financing of sector research. Lankinen has a Master’s in Law from the University of Helsinki.

Christian Madsbjerg is the Director of the New York office of ReD Associates, an innovation and strategy consultancy, where he has been leading projects and client programs since its foundation. Christian also writes, teaches, and speaks about the kinds of methods and reasoning needed for fact-based inves-tigations of human activity, emotions, and decision-making processes. He is the author of books on social theory, discourse analysis, and politics. Christian studied philosophy and political science in Copenhagen and London and has a Master’s from the University of London.

Felix Martin is an Associate Macroeconomist of the Institute for New Economic Thinking. From the late 1990s until 2008, he worked for the World Bank, mostly on the reconstruction of the former Yugoslavia, and for the European Stability Initiative. In 2008, he joined Thames River Capital, a London-based fund manager. He was educated in Oxford, Bologna, and Washington, DC, and holds degrees in Classics, International Relations, and Economics, including a PhD in Economics from Oxford.

Zachary Michaelson is a Lecturer of Finance at New York University. He is also Managing Partner of Orthogonal Financial, a hedge fund and financial con-sulting firm. Michaelson is a graduate of the Wharton School of the University

Notes on Contributors xix

of Pennsylvania and Harvard University. He also currently serves on the Board of Directors of Amnesty International USA.

Nashid Nabian is a partner at Arsh Design Studio, an internationally rec-ognized Tehran-based architecture firm. Nabian’s research focuses on how novel technologies can impact the spatial experience by soliciting the needs and desires of inhabitants or users. She has taught graduate seminar and design studio courses at Harvard, Toronto University, Rice University, and the Massachusetts Institute of Technology. Currently, she is a post-doctoral fellow at MIT SENSEable City Lab, while holding a lecturer position in the Department of Architecture at Harvard Graduate School of Design. She holds graduate degrees from Shahid Beheshti University, University of Toronto, and Harvard Graduate School of Design.

Morten Baekmand Nielsen is Head of Investor Relations at the Danish mort-gage bank Nykredit. He previously worked in the field of mortgage product design, regulatory affairs, fixed income research, and contributed to set up Nykredit’s housing finance business. He worked with the Danish Central Bank, Financial Supervisory Authority, Ministry of Economic Affairs, and other par-ties in the drafting of the new Danish covered bond legislation that entered into force in mid-2007. He holds a Master’s in Economics from the University of Copenhagen and has attended courses at London Business School and the University of Pennsylvania, Wharton.

Mila Rosenthal is a human rights advocate who has focused on economic and social rights in a long international career spanning many countries and issues. Recently, she served as the Executive Director of HealthRight International, a global organization working to build lasting access to health for excluded communities. Before that, at Amnesty International USA, she developed global campaigns on issues including health, housing, and violence against women. She has written extensively about the social impact of globalization, taught human rights at Columbia University and the New School, and currently serves on the Board of the Business and Human Rights Resource Centre. She received her PhD in Social Anthropology from the London School of Economics.

Jeffrey Sachs is a world-renowned professor of economics, leader in sustainable development, senior UN advisor, bestselling author, and syndicated columnist whose monthly newspaper columns appear in more than 80 countries. He has twice been named among Time Magazine’s 100 most influential world leaders. He currently serves as Director of The Earth Institute at Columbia University, as well as Quetelet Professor of Sustainable Development and Health Policy and Management. He is the Special Advisor to United Nations Secretary-General on the Millennium Development Goal. He has authored three New York Times bestsellers in the past seven years: The End of Poverty (2005), Common Wealth:

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Economics for a Crowded Planet (2008), and The Price of Civilization (2011). He received his PhD from Harvard University.

B. Serdar Savas is the President of the Public Health Genomics and Personalized Medicine Society in Turkey. He served in the Turkish Ministry of Health as Deputy Under-Secretary in charge of health reforms before joining the WHO European Office (Copenhagen), where he was later appointed as Programme Director for Europe. He returned to Turkey in 2000 and established BSS United Health Systems Consultancy and GENAR Institute for Public Health and Genomics Research. He earned an MD from İstanbul Medical Faculty in Turkey. His studies cover law (İstanbul Law Faculty), health policy, and finance (London School of Economics & London School of Hygiene).

Camilla Schippa has over 15 years’ professional experience in building new initiatives for international development and peace, managing multi-stakeholder partnerships, leading teams and coordinating vast public outreach efforts. Schippa manages the day-to-day activities of the Institute for Economics and Peace, a think tank dedicated to shifting the world’s focus to peace as a posi-tive, achievable, and tangible measure of human well-being and progress. Until 2008, she was Chief of Office of the United Nations Office for Partnerships, where she guided the creation of numerous strategic alliances between the United Nations and corporations, foundations, and philanthropists.

Prabhjot Singh is Assistant Professor of International and Public Affairs at Columbia University and resident physician in Internal Medicine at Mt. Sinai Hospital in New York. He also directs the Systems Design Group in the Center on Globalization and Sustainable Development at Columbia’s Earth Institute. His work provides implementation support to nationally led initiatives in low-resource settings, including the deployment of scalable community health worker programs. He has an MD from Weill Cornell Medical College, a PhD in Neural and Genetic Systems from Rockefeller University, and was a post-doctoral fellow in sustainable development at Columbia University.

Robert Skidelsky is Emeritus Professor of Political Economy at Warwick University. His three-volume biography of John Maynard Keynes (1983, 1992, 2000) won five prizes. A single volume abridgment appeared in 2002. A revised edition of his book on the current crisis, Keynes: The Return of the Master, was published in September 2010. He was made a member of the House of Lords in 1991 (he sits on the cross-benches), and was elected a fellow of the British Academy in 1994. He is a non-executive director of Rusnano Capital and for-merly of Janus Capital and Sistema JSC.

Whitney Haring-Smith is a San Francisco-based consultant at the Boston Consulting Group (BCG). In 2010, he served as a Visiting Fellow at the Korea

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Institute for International Economic Policy (KIEP) in Seoul, where he studied Korean trade patterns in emerging markets. In addition, he has served as a pol-itical risk consultant and contributor for Eurasia Group and Oxford Analytica, where his clients were primarily multinational corporations and governments. He holds a PhD in Politics from Oxford University, where he attended as a Rhodes Scholar, and received simultaneous bachelor and master’s degrees in Political Science from Yale.

Emma Torres is a Senior Advisor in the Regional Bureau for Latin America and the Caribbean at the United Nations Development Programme (UNDP). She has over 20 years of experience in management, strategic programme de-velopment, and negotiations to promote sustainable development initiatives globally. As UNDP coordinator for the Commission on Development and Environment for Latin America and the Caribbean she produced “Our Own Agenda” and “Amazonia without Myths.” Both remain points of reference in the field. Torres holds an MA in Economics from Universidad Complutense, Madrid, Spain, a Diploma in Language and French Civilization from the Sorbonne, Paris, and Certificates in Environmental Economics and Climate Change from Harvard University.

Karma Ura is the President of the Centre for Bhutanese Studies (CBS) in Thimphu, Bhutan. Under his leadership, the CBS has been at the forefront in promoting the national and global understanding of Bhutan’s home-grown development philosophy of Gross National Happiness. A member of the Drafting Committee of Bhutan’s first Constitution, he was awarded the red scarf and the ancient title of Dasho (knighthood) by His Majesty the Fourth King in December 2006 for his dedicated service to the country. In 2010, he was bestowed the honour of Druk Khorlo (Wheel of Dragon Kingdom) for his contributions to literature and fine arts. He is a graduate of Oxford University and the University of Edinburgh.

Andreas Wörgötter is Head of Division in the Economics Department of OECD, where he is responsible for Economic Surveys and Projections for Germany, Russia, South Africa, and four smaller European countries. Before joining the OECD in 2000, he was Head of the Economics Department at the Institute for Advanced Studies in Vienna, Austria, and held various academic positions in Vienna, Budapest, Prague, and New York. He holds a degree in Mathematical Economics and has published numerous books and articles on economic issues.

Ning Zhu is Deputy Director and Professor of Finance at the Shanghai Advanced Institute of Finance, a faculty Fellow at the Yale University International Center for Finance, and a Special Term Professor of Finance at University of California, Davis and at Guanghua School of Management at Beijing University. He was previously a tenured Professor of Finance at University of California. An

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expert on behavioral finance, investments, corporate finance, and the Asian financial markets, Zhu has published numerous articles in leading journals in the field, and advises asset management companies in a wide range of cap-acities. Zhu is a graduate of Beijing University, Cornell University, and Yale University.