Edited by David Deese
Chapter 19: Capitalism in large emerging economies and the new global trade order
Large emerging economies have increased their share of the global economy quite substantially over the last few decades. While discussions about the international political economy previously centered on the US, the EU and Japan, such a focus is difficult to uphold today. In particular China, India and Brazil have surpassed the established economies in terms of GDP growth, trade growth and industry value added growth during the last 30 years (Figure 19.1). Although these figures fluctuate quite substantially every year, there are no sound reasons to assume that this long-term tendency is likely to reverse any time soon.
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