Raghuram Rajan, the head of the Reserve Bank of India, has a theory for why wealthy economies have recently been underperforming: It's because they're hypocritical. When poor economies falter, he says, their wealthy neighbors demand structural reforms in service of making the global economy more vibrant. But they have spared themselves the same tough love.
"They have tried everything new, continuing easy monetary policy, but they still don't have sustainable growth that they would be happy with," Rajan said in Pune recently. The bottom line, he declared, is that "we have been too quiet in the emerging markets, saying what the developed markets do is best for the global economy."
Rajan isn't alone in calling for developing economies to have a bigger say in the global economy. But as officials gather in Washington for the spring meetings of the International Monetary Fund and World Bank, it's fair to wonder what countries like India, China and Indonesia would do if they had the influence in those institutions that they desire. Here are three areas where emerging economies, drawing on their own experiences, would probably handle things differently.