global economic power

The continued rise of the emerging economies, particularly India and China, is never far from the headlines. What impact these economies will have on the twenty-first century is the subject of much debate, with the possibility of a shift in global political power a recurring theme. It is often assumed that the emerging economies are following the same path to development that the established economic powers did - but this assumption is worth questioning.

Former president of the World Bank, James Wolfensohn says 'tectonic shift' in economic power towards the East is to stun the rich countries.