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Goodness Ugwumba Opara

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What is the future of the global economy?

With the rise of new economic powers such as China, India and Brazil (and virtually every other country in one small way or another), is the global economy headed, even faintly, in the direction of equality for all nations?

As growing internet access spreads information, enlightenment, global exchange and commerce across the planet, the gross effect appears to be a leveling of standards, innovation potential and competitiveness. People increasingly have access to the same learning resources, technology and information. So people in one part of the world are setting up businesses to rival others across oceans and deserts, effectively leading to a more balanced world in which New York is not so different from Mumbai, for example. Is this the true direction of the global economy, even for third world nations, or is there some other trend that's harder to see?

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    Jul 8 2013: To : Simon Peter Debbarma;

    I like your enthusiasm in saying that India will be as ' 'advanced " as any other country ( I am paraphrasing).
    Do you think that India will follow the same "rampant " development model that The US has become to be well known about? Will India,s economic progress also spill over to the lower classes? Will the caste system survive economic advancements? It can be said that the US, despite its great strides in industry,marketing etc; has still vestiges of virtual-not-legal institutional "caste system '' which is huge burden on the economy and on the moral fabric of the nation.
    I marvel at the home-grown appropriate technology sectors of India and look forward to witnessing India become a major player in the global economy. Can we all learn from economic history? I wonder.
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      Jul 13 2013: Thank you dawitt. Being positive and optimist could be the key. I'm just 18 and have not even finished high school yet but I'll try to reply your questions with whatever knowledge I have. Forgive me if I say something wrong.

      The ''rampant' development model might be what India might follow since india is truthfully a huge fan of USA,no jokes. But as history as shown, different paths are taken most often and most probably we will be taking a different path too.

      I believe that if the economic is not shared with the lower classes or in kinder words, people with limited means, it is not really development until then.

      I hope the caste system does not survive. Its a destructive part of our culture. As per my knowledge, the caste system is no more prevailing except in small backward ( like really ancient lifestyle backward) communities which should be no problem in removing once we can think of a solution to educating them.

      This virtual-not-legal institution caste system is everywhere. Our humane mentality is to blame for it. We just separate ourselves from people that are different from us. We tend not to mix with people of lower status/lifestyles. Most of us are not comfortable with leaving our standards of living for a lower standard, even when doing for a good cause; its difficult. Once we can figure out a glitch-free economic model, which will happen one day for sure, I think everyone will be happy that day.

      India has a lot of people, several times any developed country. Don't you think we can do amazing things too?
      We were one of the richest places on earth until the British fooled our ancestors. We have multiples times the people, which also equals to multiple times the brain and ideas steaming from it.
      I know many with soo much potential and so much ideas even from people with no education, but lack of funding and real education is keeping them from bringing a change to the world. And one day I know that we will a strong power-house in the world.
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      Jul 13 2013: Also, we can learn from everything. So yeah, i think you can definitely learn something from economic history.
      First, we need to find someone who knows economic history well. I don't want to read pages of economic history from Wikipedia, lol.
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      Jul 14 2013: Simon has supplied a very good answer. I shall like to add a different perspective to it.
      I agree that Indians are huge fans of the US. But if I have understood it correctly, an average Indian is more inspired by the material prosperity of the US not so much the fan of the grit, diligence and courage through which people in the US (once) achieved that prosperity.
      Paradoxically, an average Indian is a born socialist too. That explains India's long time ties with erstwhile Soviet Union.
      So, Indians are unique in that sense.
      Therefore, I think the Indian model of economic growth will follow, after a time, a unique path too. Even when India will be the largest economy in the world it may not mean a swimming pool in each household. There will be practical constraints for that kind of prosperity.
      If each country in the world lives exactly the way the USA lives, resource wise, 9 earths will be required.
      We certainly need a new definition of economic growth and I hope India will provide it.

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