Third World Down

The “great recession” was, in global terms, actually just a tiny downward blip and for all the moaning and groaning in rich countries 2011 was the most prosperous year in human history. That’s because the three biggest poor countries—China, India, and Brazil—all put up stellar numbers throughout the rich world’s languor and helped pull up commodity-exporting economies around the world. But in my latest column I write about the fact that all three developing giants seem to be slumping, meaning that if rich countries can’t get our act together soon we’re actually due for a much uglier economic period than 2008-2009 ever was.