DAMBISA MOYO - For Poor Countries, China Is No Model
Dr. Dambisa Moyo, an economist and author explains why the Chinese model can't be replicated in other emerging countries.
"The world's emerging economies face an emerging crisis. Such states are home to 90% of the world's population, and on average, 70% of their people are less than 25 years old. Those young citizens dream of a better, freer life with greater opportunity and are increasingly taking to the streets, from South Africa to Thailand, Brazil to Ukraine.
But too many governments in the developing world are moving backward, not forward—responding to popular discontent by following some version of what they see as the "China model." The results could be dire for the global economy. The sheer size of the emerging economies—a list that starts but hardly ends with the so-called BRICs (Brazil, Russia, India, China)—means that their actions can jolt equity and bond markets, shift foreign exchange rates, bump commodity prices, alter global trade and shape corporate investment decisions."