The Power of Productivity: Wealth, Poverty, and the Threat to Global Stability by William W. Lewis

William W. Lewis’ book The Power of Productivity: Wealth, Poverty, and the Threat to Global Stability examines the relationship between global wealth and productivity and proposes changes to bridge the gap. Through case studies and economic analysis, Lewis seeks to reveal the power productivity has to create wealth and reduce poverty, and to highlight the threat posed to global stability without defined strategies for reform.

Lewis’ book begins by discussing the weak economic performance of many countries from the 1960s to the present day, and suggesting that the global wealth gap widened in part due to the lack of productivity growth spurred by international trade and investment. He then goes on to explain how a country’s productivity, which he defines as the ability to produce a given amount of goods and services with a given amount of resources and inputs, affects that country’s economic performance, and how an increase in a country’s productivity can create wealth and reduce poverty.

Lewis identifies several factors which have a strong relationship with increased productivity, including education and training, access to capital, and increases in new technology and infrastructure. He further explains how, as productivity increases, global wealth rises and poverty decreases. He finally argues that economic growth often relies on some degree of federal intervention to promote business formation, growth, and technological advancement, and states that any successful attempts to reform economic systems must incorporate productivity-boosting strategies.

Lewis then goes on to explain the concept of productivity-based reform, or PBR, which calls for government interventions that are designed to spur increases in productivity in select global economies. He argues that PBR has three essential components, including measures that seek to support the success of new business and investment, capital investment in training, research, and infrastructure, and the implementation of new technology.

Additionally, Lewis examines the complex relationships between global wealth and poverty, highlighting the potential damage of increased wealth inequality. He suggests that in order to reduce poverty and spur wealth, countries must develop well-defined strategies to promote economic growth and investment, which requires reforming educational systems, increasing access to start-up capital, and fostering the implementation of new technologies. Moreover, he argues that sustainability strategies also need to be incorporated into economic reform plans in order to maintain long-term economic performance.

Finally, Lewis calls for an expansion of international economic cooperation and suggests that global economic organizations, such as the IMF and the World Bank, create an international consensus regarding policies that can be implemented in order to spur productivity increases and reduce poverty and global wealth inequality.

Lewis’ book The Power of Productivity: Wealth, Poverty, and the Threat to Global Stability serves as an important reminder that economic reform is paramount in reducing global wealth disparity and poverty, and provides readers with an in-depth understanding of the interrelationship between global wealth and productivity. Through comprehensive economic analysis, Lewis provides a comprehensive overview of the threats posed to global stability, and calls for an expansion of international economic cooperation in order to spur increased productivity and bridge the wealth gap.