The Evolving Structure of Global Growth
We are now slightly more than halfway through the century-long process of modernization that started for many of today's developing countries with their emergence from colonialism in the years following World War II. But where is that process taking us, and how can we influence its course?
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NEW YORK – Since World War II’s end, the global economy’s trade and financial openness has increased, thanks to institutions like the International Monetary Fund and successive rounds of liberalization, starting with the General Agreement on Tariffs and Trade (GATT) in 1947. In parallel, colonialism collapsed, and we are now slightly more than halfway through a century-long process of modernization for the many developing countries that emerged. But where has that process led, where is it taking us now, and, perhaps most importantly, how can we influence its course?