The world economy seems to be suffering tectonic shifts of late. The European economy stagnates, trying to reconcile servicing a massive debt overhang with stimulating economic growth. The experience of rising inequality and political gridlock in the US has people predicting the oligarchisation of the country with the end of its economic leadership.
The US will be replaced, of course, by China, whose economic rise since the late 1970s has authors predicting a return to the world before the industrial revolution when China was the world’s biggest economy. Even more striking, for the first time ever, African countries are experiencing rapid economic growth. What is the world coming to?
