An encouraging Growth Report

The Intro­duc­tion rec­og­nizes the inti­mate rela­tion­ship of adjust­ment and growth, the role of cities, the attrac­tions and lim­its of autonomous growth, the rich vari­ety of suc­cess­ful man­age­ment choic­es, the steril­i­ty of the ‘reform for reform’s sake’ agen­da and the tri­umph of prag­mat­ic poli­cies over­dog­ma in turn­ing growth into bet­ter lives for more peo­ple.

It also under­stands that the extent of the eco­nom­ic devel­op­ment we have seen in our life­times is a phe­nom­e­non with­out prece­dent due most­ly to the glob­al­iza­tion of learn­ing and oppor­tu­ni­ty:

Growth of 7 per­cent a year, sus­tained over 25 years, was unheard of before the lat­ter half of the 20th cen­tu­ry. It is pos­si­ble only because the world econ­o­my is now more open and inte­grat­ed. This allows fast-grow­ing economies to import ideas, tech­nolo­gies, and knowhow from the rest of the world. One con­duit for this knowl­edge is for­eign direct invest­ment, which sev­er­al high-growth economies active­ly court­ed; anoth­er is for­eign edu- cation, which often cre­ates last­ing inter­na­tion­al net­works. Since learn­ing some­thing is eas­i­er than invent­ing it, fast learn­ers can rapid­ly gain ground on the lead­ing economies. Sus­tain­able, high growth is catch-up growth. And the glob­al econ­o­my is the essen­tial resource…

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