Learning From the Doers: Developing Country Lessons for Advanced Economy Growth

摘要

As advanced and emerging nations struggle to regain their footing in the aftermath of the Great Recession, they face somewhat different challenges. Developed nations seek to return their economies to pre-crisis levels of growth and employment while responsibly addressing income inequality. Developing countries must consolidate their hard-won gains of the past several decades and implement second-stage reforms required in key areas (e.g., infrastructure and labor markets) to maintain their high rates of catch-up growth. The historical examples presented in this article provide wisdom that applies with equal relevance to the varied tasks ahead. The analytical insight at the heart of each narrative is unique, but all three stories of economic transformation contain a common truth: discipline drives turnarounds. If both advanced and developing nations internalize the lesson and embrace a disciplined approach to economic policy, they can grow in concert and create greater prosperity for all.