China—and to some extent Brazil and India (which we may christen the BICs)—are staging a ”Great Convergence” in terms of industrial strength and incomes. This reverses the past two centuries of the Great Divergence, which has separated them from the West. In the process, the BICs are lifting millions of people out of poverty.
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The Changing Landscape of Innovation after the Economic Crisis: Notes from the Paris Symposium
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The competition between state-led capitalism and market-dominated capitalism is reaching a decisive stage. The state capitalists are growing faster, investing more, and following a clear strategy that is leading to a larger share of world output and income.
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Much of this changing geography of innovation and growth is the result of the emergence of the BICs—Brazil, India, and China
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China's unprecedented growth was widely expected yet extraordinary nonetheless. But its continued progress is contingent on resolving a number of policy, government and structural issues.
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