[Marxism] FT: Emerging market catch-up set back ‘decades’
shalva.eliava at outlook.com
Sat Jun 11 18:38:24 MDT 2016
Boom, bust, boom, bust. Maybe they should admit the truth: capitalism promotes permanent underdevelopment of the periphery (not to mention what Fatton refers to the "outer periphery": http://amzn.to/1tp9xEi).
"In the five years before the 2008 financial crisis, emerging markets could expect to take an average of 42.3 years to catch up with US per capita GDP, according to the bank’s analysis.
But over the past three years, as major emerging economies such as Brazil, Russia and South Africa have slowed or fallen into recession, the slower average growth means the number of years it would take to catch up with the US has grown to 67.7 years.
For frontier markets, those more fragile economies further down the development scale, such as Nigeria, the catch-up period more than doubled from 43.1 years to 109.7 years.
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