Economic development

The original story of divergence then convergence remains the same, despite the scope for the revised data to alter results. For the three decades leading up to the empirical literature on economic growth, the gap between developed and developing nations expanded. That all started to change around the fall of the Berlin wall, and poor countries went from lagging behind richer ones to maintaining pace with and then ultimately…

Both economists agree that growth is still possible, but the age of “hyperglobalisation” – with its extraordinary convergence of openness, technology, and trust – is unlikely to return. > “Growth miracles seem less likely because two of the key mechanisms – access to big, lucrative markets and willingness to share technology across borders – no longer seem to be here.” Goldberg As global trade enters a new, more fragmented…