Why poor nations aren’t prisoners of their history.
But on one final point, Henry’s conclusion is spot on. The strength of developing economies that used to be mired in debt and poor policies is increasingly important to rich countries that are now drowning in red ink and struggling with policy reform themselves. “The future prosperity of countries like the United States, Germany and Japan depends crucially on the continued high performance of the BRICs (Brazil, Russia, India and China) and beyond.” If there’s one clear example of a turnaround in global economics, this is it. And however it was that the rest of the world got richer, that they did so is one of the best things to happen to the West in a long time.
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