SHANGHAI -- From China's perspective, sustained domestic economic growth seems unlikely within the existing global system -- a challenge that Japan and the other East Asian economies did not encounter during their economic rise. Indeed, the only country that has encountered it is the U.S., when it replaced the U.K. as the world's dominant economic and financial power before World War II; fortunately, that precedent is one of accommodation and a peaceful transition.
The success of the economies of these countries is not only important for their own people, but for the millions of expatriates who work there, sometimes under difficult circumstances, and who annually send $50 billion to their home countries -- making this region the largest source of remittances in the world.
CAMBRIDGE, Mass. -- I have seen how Rwanda made investing in social progress -- including gender equity, a 61 percent reduction in child mortality in a single decade, and 95 percent primary school enrollment -- integral to its economic development strategy. Rwanda's positive economic performance would not have been possible without improvement in these and other dimensions of social progress.
Led by Alexis Tsipras, head of Greece's newly-elected, left-wing coalition, some other leading political lights in Europe - Messrs. Hollande and Valls in France and Renzi in Italy - are raising a big stink about fiscal austerity. Yet they always fail to define austerity. Never mind. They don't like it.