The danger is that in Asia, this ossified status quo traps billions far below middle-income levels. Rapid GDP growth has been remarkably successful in lifting hundreds of millions from the $1.25-a-day mark consistent with extreme poverty to $2 or even $3. But getting to $5 or $10 per day, or moderate poverty, is proving quite a reach. Governments aren't doing anywhere near enough to improve social and physical infrastructure, invest in education and health care and attack crony capitalism and corruption.
Read Full Article »