The Great Deleveraging: Economic Growth and Investing Strategies for the Future

6. Global Growth Drivers

In the late nineteenth century and the first half of the twentieth century, the United States was the main driver of the global economy. Today, other countries are sharing the locomotive role of global growth with the United States. They are developing centers of excellence that rival those of the United States, at times providing superior capabilities, competitive cost, and the supporting industries that make them attractive to both domestic and foreign players.

Following this chapter, we provide brief descriptions of three promising markets: China, which is expected to catch up with the United States as the world’s largest economy sometime between 2025 and 2050, although it will continue to lag behind the United States ...