The Submergence of Emerging Markets
Despite what many think, the world as a whole has become vastly more equal, thanks to decades of rapid growth in China, India, and other emerging economies. But that welcome trend will be in danger if emerging markets enter a sustained slowdown, as now seems likely.
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LONDON – It was an off-the-record, online conversation about the state of the world. Nobel laureates, former government officials, and hedge-fund managers held forth on geoeconomics, warfare, artificial intelligence, green investments, how to avoid the next pandemic, and other lofty topics. But here’s what struck me: two hours into the discussion, no one had yet uttered the phrase “emerging markets.”