"In one policy area after another – from trade to taxation to labor markets – the decades-old consensus in the United States has been replaced with something very different. But policymakers elsewhere would be wise to consider their own countries’ circumstances carefully before following America’s lead."

"The real problem in many developing countries today is that the traditional export-oriented industrialization model has run out of steam. Generating good, productive jobs requires a different development model, with an emphasis on services, the home market, and enlarging the middle class. And the market or government failures that block the expansion of more productive employment opportunities in services can be solved only by structural remedies."

"In one policy area after another – from trade to taxation to labor markets – the decades-old consensus in the United States has been replaced with something very different. But policymakers elsewhere would be wise to consider their own countries’ circumstances carefully before following America’s lead."