20/09/2006 12:07:38 am
Growing Power of the Emerging World. The Survey in the latest edition of The Economist about the strong economic growth in many large, formerly poor, countries, has many important points. They show how positive this development is and defend the underlying economic liberalisation and of course criticise all protectionism. But there is another point they make, which is of great economic, political and strategic importance for the west. The emergence of these countries make the return on ownership very high, but make wages in competing sectors stagnate. This is a fact that might trigger counter-productive responses, such as protectionism or more government redistribution. Instead, here is a long-term challenge about how to approach an ownership society. How can economic policy facilitate ownership in every way possible for ordinary people?