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A Game of Catch-up
Article from Bulletin/Magazine
The Economist (http://search.proquest.com/) vol. 400 no. 8752 (Sep. 2011)
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Lihat Detail Induk
The early industrialisers (along with a few late developers, such as Japan) were able to lock in and build on their lead in technology and living standards. The "great divergence" between the West and the rest lasted for two centuries. Now another historic change is shaking up the global hierarchy. A "great convergence" in living standards is under way as poorer countries speedily adopt the technology, know-how and policies that made the West rich. China and India are the biggest and fastest-growing of the catch-up countries, but the emerging-market boom has spread to embrace Latin America and Africa, too. Debt-ridden rich countries such as America have seen scant growth since the financial crisis. The emerging economies, having escaped the carnage with only a few cuts and grazes, have spent much of the past year trying to check their economic booms. One sign of a shift in economic power is that investors expect trouble in rich countries but seem confident that crises in emerging markets will not recur. The force of economic convergence depends on the income gap between developing and developed countries. Going from poor to less poor is the easy part. The trickier bit is making the jump from middle-income to reasonably rich.
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