Thirty years ago, China seemed hopelessly mired in poverty, Mexico triggered the Third World Debt Crisis, and Brazil suffered under hyperinflation. Since then, these and other developing countries have turned themselves around, while First World nations, battered by crises, depend more than ever on sustained growth in emerging markets.
, economist Peter Blair Henry argues that the secret to emerging countries’ success (and ours) is discipline—sustained commitment to a pragmatic growth strategy.