NEW YORK — Since the end of World War II, the global economy's trade and financial openness has increased, thanks to institutions like the International Monetary Fund and successive rounds of liberalization, starting with the General Agreement on Tariffs and Trade in 1947.
In parallel, colonialism collapsed, and we are now slightly more than halfway through a century-long process of modernization for the many developing countries that emerged. But where has that process led, where is it taking us now, and, perhaps most importantly, how can we influence its course?
With formal barriers to trade and capital flows lowered, several trends combined to accelerate growth and structural change in postcolonial and other developing economies. These included advances in technology (especially transportation and communications), management innovation in multinational companies, and integration of their supply chains.