February 10, 2004 ☼ Economy

Damien Smith comments on Kenneth Rogoff’s article in Foreign Policy magazine over at BonoboLand. Rogoff’s point is that when India and China do catch up, many countries like Canada will become bit players in the global economy and the US dollar will become a ‘boutique currency’.

I agree with Damien that this is not going to happen overnight - growth curves are sigmoid (“S” shaped), and China and India are really in their younger adolescent period. After a certain point, the going will be increasingly difficult for China - unless it is able to democratise its system; and India - unless it has greater social cohesion and good governance.

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