A growth slowdown in the so-called nations â?? Brazil, Russia, India, China and South Africa â?? could be impeding the expansion of the global economy. Thatâ??s serious enough, and indeed we are seeing unrest in Brazil over stagnant living standards. Yet a graver problem may be lurking behind the headlines â?? namely, that sustained, meteoric growth in emerging economies may no longer be possible.
The disconcerting truth is that the great â??age of industrializationâ? may be behind us, a possibility that has been outlined most forcefully by the economist Dani Rodrik, who is leaving Harvard for Princeton next month.
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