About the Author: Robert D. Hormats serves as Under Secretary of State for Economic, Energy and Agricultural Affairs.
Over the decade and a half after the fall of the Berlin Wall, and creation of the World Trade Organization, the world economy experienced one of the fastest periods of growth since World War II. Access to new markets, accelerating international investment, innovation, and entrepreneurship characterized the evolution of a “global” economy.
During this period, American, European, and Japanese global companies prospered. Their success inspired emulation in surprising and unexpected ways. A near-universal acceptance emerged that open markets and private investment were the key to economic growth and development.
How effective governments and business took advantage of opportunities provided by globalization was a central factor in determining success in sustaining economic growth and innovation during this period. Developing and… more »