If the debt ceiling debate can help Americans begin to confront the country’s fiscal anomalies—beginning with its huge healthcare costs, relatively low taxes, and defense budget—it is to be warmly welcomed. […]
Encouraging developing economies to import capital simply because they are poor not only ignores the economic realities surrounding international financial flows but can also be highly destabilizing and dangerous. […]
As emerging markets come to dominate the global economy, no challenge will be more difficult—and few will be more important—than managing the global commons. […]
The international monetary system helped countries liberalize trade and limited protectionism during the Great Recession. But countries with pegged exchange rates remain a threat to trade, especially if the peg is undervalued. […]
The ascendance of emerging economies has altered the fundamentals of international trade, creating an urgent need for the World Trade Organization to play a more proactive and substantive role in this new world. […]
Developing countries are transforming every aspect of global economic interaction. Global leadership is needed to ensure that this shift is marked by increased prosperity rather than conflict. […]
The assumption that capital should flow from rich to poor countries is not only overly simplistic, but it also encourages developing economies to attract dangerous capital flows that they do not need and cannot absorb. […]
The fast rise of emerging economies brings an enormous opportunity to increase global prosperity, but also could generate dangerous conflicts. Global leaders must develop the means to mediate them. […]
In the coming decades, the unprecedented emergence of the world’s poor countries as the largest global economies will both extend the frontier of prosperity and create massive tensions and unpredictable risks. […]
Within a generation, developing countries will likely account for six of the world’s seven largest economies and dominate world trade. […]
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