Artificial Intelligence, Globalization, and Strategies for Economic Development

Anton Korinek and Joseph Stiglitz

No 15772, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Progress in artificial intelligence and related forms of automation technologies threatens to reverse the gains that developing countries and emerging markets have experienced from integrating into the world economy over the past half century, aggravating poverty and inequality. The new technologies have the tendency to be labor-saving, resource-saving, and to give rise to winner-takes-all dynamics that advantage developed countries. We analyze the economic forces behind these developments and describe economic policies that would mitigate the adverse effects on developing and emerging economies while leveraging the potential gains from technological advances. We also describe reforms to our global system of economic governance that would share the benefits of AI more widely with developing countries.

Keywords: Artificial intelligence; Labor-saving progress; Inequality; Terms-of-trade losses (search for similar items in EconPapers)
JEL-codes: D63 F63 O25 O32 (search for similar items in EconPapers)
Date: 2021-02
New Economics Papers: this item is included in nep-big, nep-cmp, nep-int, nep-pke and nep-tid
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Citations: View citations in EconPapers (24)

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Working Paper: Artificial Intelligence, Globalization, and Strategies for Economic Development (2021)
Working Paper: Artificial Intelligence, Globalization, and Strategies for Economic Development (2021)
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