The real heroes of the world economy - the role models that others should emulate - are countries that have done relatively well while running only small external imbalances.
Countries like Austria, Canada, the Philippines, Lesotho, and Uruguay cannot match the world's growth champions, because they do not over-borrow or sustain a mercantilist economic model.
Theirs are unremarkable economies that do not garner many headlines. But without them, the global economy would be even less manageable than it already is.
Countries like Austria, Canada, the Philippines, Lesotho, and Uruguay cannot match the world's growth champions, because they do not over-borrow or sustain a mercantilist economic model.
Theirs are unremarkable economies that do not garner many headlines. But without them, the global economy would be even less manageable than it already is.
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