Catching up

Catching up - Economics focus Catching up Aug 21st 2003...

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Economics focus Catching up Aug 21st 2003 From The Economist print edition If you consider people, not countries, global inequality is falling rapidly EARLIER this year, Stanley Fischer, formerly of the Massachusets Institute of Technology and the IMF, now a senior executive with Citigroup, delivered the prestigious Richard Ely lecture at the annual meetings of the American Economic Association. It was a privilege he would have preferred not to be granted, since he was standing in for his old friend, Rudiger Dornbusch, who died last year. Nonetheless he used the occasion to memorable effect, delivering a fine tribute to Dornbusch and then an overview and defence of globalisation that Dornbusch himself, an economic internationalist if ever there was one, would have been proud of. The lecture has now been published * . The whole essay deserves to be read carefully by globalists and anti-globalists alike. But packed in alongside lots of other good stuff is a pair of charts that deserves an even wider circulation. Admittedly, the diagrams are complicated at first sight—but they are worth the effort. Once one has understood them the answers to some of the most important questions about globalisation are clearer.
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Begin with the top chart. Each point represents a country. The vertical axis shows
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Catching up - Economics focus Catching up Aug 21st 2003...

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