The End of Convergence?
Until recently, there was a broad consensus that this was to be the emerging countries’ century.
Do recent events mean that “convergence” is ending? Is the world reverting to a growth pattern whereby the percentage gap between income levels in the aggregate “North” and “South” does not decrease? Or is the current talk about “the end of convergence” merely a reflection of financial markets’ usual overreaction to both good and bad news?
The future, of course, is uncertain…
See on www.project-syndicate.org