Charles Kupchan explores the normative dimensions of hegemony, examining the geopolitical, socioeconomic, cultural, and commercial logics that inform orders across four great powers: the Ottoman Empire, Imperial China, Great Britain, and the United States.
South Korea's development over the last half century has been nothing short of spectacular. Fifty years ago, the country was poorer than Bolivia and Mozambique; today, it is richer than New Zealand and Spain, with a per capita income of almost $23,000.
For much of last year, Turkey's economy seemed almost on top of the world. In May, as huge construction projects moved ahead, Ankara paid off its remaining debt to the International Monetary Fund, ending what seemed to many Turks a long history of humiliation.
As recently as 2008, the economies of Southeast Asia received roughly less than half as much foreign direct investment as China did. Four years later, in 2012, they pulled to within spitting distance ($111 billion versus $121 billion).
Authors: Shantayanan Devarajan and Wolfgang Fengler
Sub-Saharan Africa's GDP has grown five percent a year since 2000 and is expected to grow even faster in the future. Although pessimists are quick to point out that this growth has followed increases in commodities prices, the success of recent political reforms and the increased openness of African societies give the region a good chance of sustaining its boom for years to come.
Over the past several years, the most talked-about trend in the global economy has been the so-called rise of the rest, which saw the economies of many developing countries swiftly converging with those of their more developed peers.
The massive growth of hedge funds has sparked warnings of instability and demands that the industry be regulated. But the fear of hedge funds is overblown, based on a misunderstanding of their role in the international financial system. In reality, hedge funds do not increase risk; they manage it -- and policymakers, rather than clamping down, should make sure hedge funds have the tools to perform this function well.
As the effects of the financial crisis stretch beyond America and Europe, the world's emerging markets start to wobble and analysts wonder just how hard China, India, and other major developing nations will be hit.
As the most powerful emerging economies—Brazil, China, and India—slow after years of unprecedented growth, panic over their challenge to global order seems unfounded. But stalled performance does not make them irrelevant, and advanced economies should integrate them into global economic institutions, writes Miles Kahler in World Politics Review.
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