In the 1980s, countries then known as "Third World," were mired in low growth, high debt, and runaway inflation. In a remarkable turnaround, a billion people have been lifted from poverty in those same countries?the now-much-heralded "Emerging Markets" that produce more than half of global goods and services and account for roughly three quarters of global growth. Taking the historic fall of the Berlin Wall as a catalyst for the phenomenon called "globalization" that has bound together the economic fortunes of First and Third World countries alike, this course provides the context, language, and logic required to understand: (a) what economic growth is; (b) why it matters; (c) whether economic reforms in emerging market and developing economies in Africa, Asia, Eastern Europe, and Latin America, have helped them to grow faster; and (d) who has won and who has lost in the process.
5 units · Letter or Credit/No Credit
In the 1980s, countries then known as "Third World," were mired in low growth, high debt, and runaway inflation. In a remarkable turnaround, a billion people have been lifted from poverty in those same countries?the now-much-heralded "Emerging Markets" that produce more than half of global goods and services and account for roughly three quarters of global growth. Taking the historic fall of the Berlin Wall as a catalyst for the phenomenon called "globalization" that has bound together the economic fortunes of First and Third World countries alike, this course provides the context, language, and logic required to understand: (a) what economic growth is; (b) why it matters; (c) whether economic reforms in emerging market and developing economies in Africa, Asia, Eastern Europe, and Latin America, have helped them to grow faster; and (d) who has won and who has lost in the process.
Offered in Spring 2026 at Stanford University.