Where Now?

Abstract

The Third World has changed dramatically since the mid-1980s. The shift to market-based policies, described in Chapter 4, made it possible for a number of countries in Asia and Latin America to achieve rapid economic growth and sustain it for a good many years. Despite the financial crises of 1997–98, there is every reason to believe that fast growth will return to these areas. Indeed the crisis has taught them lessons they will not forget quickly. Other countries, particularly China and India, which have been less affected by the crisis in financial markets, are now fully aware of the potential for growth and of what needs to be done to achieve it.