During the mid-2000s, when emerging markets were growing at breakneck speed, the cavernous gap separating industrial and developing economies began to close. This convergence took place against a backdrop of economic liberalization, built on the idea that the financial systems of all nations would dovetail.
That period is now over. Emerging nations are no longer growing as rapidly as they were, particularly in comparison with developed economies; further, the fissures among different systems have become more evident. In PwC’s 19th Annual Global CEO Survey, only 35 percent of the corporate leaders who responded said they believe the world is moving toward greater economic union.
