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Economics (3rd edition): Making sense of the Modern Economy by Saugato Datta

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8 Recovery, repair and rebalancing

HOW TO GROW

Without faster growth the rich world’s economies will be stuck. But what can be done to achieve it?

WHAT WILL TOMORROW’S HISTORIANS see as the defining economic trend of the early 21st century? There are plenty of potential candidates, from the remaking of finance in the wake of the crash of 2008 to the explosion of sovereign debt. But the list will almost certainly be topped by the dramatic shift in global economic heft.

In 2000 rich countries dominated the world economy, contributing around two-thirds of global GDP after allowing for differences in purchasing power. Since then that share has fallen to just over half. In another decade it could be down to 40%. The bulk of global output will be produced ...

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