One cannot help but wonder whether Europe’s policymakers have internalized any of the lessons from developing and emerging economies that have faced macro-financial difficulties in the past. If they had learned some of these valuable lessons, the cost of the current bailout of EU members and the likely duration of the associated economic and political pain could have been shortened.
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Few doubt that the global economic order has shifted in the aftermath of the Great Recession. After all, the advanced economies are struggling as can be seen in their slow-growth recoveries and major challenges.
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The Special Report revisits the recommendations of The Growth Report, released in May 2008, prior to unfolding of the financial crisis. It finds that the crisis was not a failure of market-oriented systems, and that the outward-looking strategy remains broadly valid.
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The result of two years work by 19 experienced policymakers and two Nobel prize-winning economists, The Growth Report is the most complete analysis to date of the ingredients which, if used in the right country-specific recipe, can deliver growth and help lift populations out of poverty.
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Despite lifting millions out of poverty, globalisation is facing growing political opposition. This column surveys the successes and failures of globalisation, and some of the critical policy implications. Globalisation has reached a stage where its benefits have been captured but its costs have been largely ignored.
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