Will Poor Countries Save the World?

Will Poor Countries Save the World?

Events in 2012 so far have confirmed a new global dissymmetry. Caught between unprecedented financial insecurity and a somber economic outlook, the rich OECD countries and their middle classes fear geopolitical weakening and downward social mobility. In much of Asia, Africa, and Latin America, however, optimism reigns.

Among developed countries, this unexpected shift of fortune has incited protectionism, exemplified by French calls for de-globalization. Meanwhile, among emerging economies, pride has sometimes manifested itself as conceit, tinged, after decades of Western arrogance, with schadenfreude. But, because the world’s developed, emerging, and developing economies are now so closely linked, they will either dog-paddle out of this crisis together or enter into a danger zone unseen since the 1930’s.

Read Full Article »
Comment
Show commentsHide Comments

Related Articles