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By Martin Wolf
Published: January 4 2011 20:55 | Last updated: January 4 2011 20:55
Convergent incomes and divergent growth "“ that is the economic story of our times. We are witnessing the reversal of the 19th and early 20th century era of divergent incomes. In that epoch, the peoples of western Europe and their most successful former colonies achieved a huge economic advantage over the rest of humanity. Now it is being reversed more quickly than it emerged. This is inevitable and desirable. But it also creates huge global challenges.
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