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…

No Comments

Leave a Reply

Your email is never shared.Required fields are marked *