Along with globalisation, the onset of sustained, rapid catch-up growth in the developing world is one of the most important forces shaping the world economy. This development can be described as a Great Convergence that is unwinding the consequences of a previous Great Divergence that divided the world into developed and developing economies. This short paper sets out the story of the Great Convergence and places it into the broad context of world economic history.
‘The onset of rapid catch-up growth in the developing world is an historic development with the potential to reshape the world economy in fundamental ways.’
The great convergence, p 1