A CAUTIONARY FINAL NOTE

This chapter has described the problems and prospects of poor countries struggling to be rich and free-s-to provide the dry houses, education. electric lights, fast horses, automobiles, and long vacations of the excerpt that opened this.chapter. What are the prospects of attaining these goals?We close with a hopeful note and sober warning from Sachs and Warner The world economy at the end of the twentieth century looks much like the world economy at the end of the nineteenth century. A global capitalist system  is taking shape, drawing almost all regions of the world into arrangements of open trade and harmonized economic institutions. As in the nineteenth century, this new round of globalization promises to lead to economic convergence for the countries that
join the system ….

And yet there are also profound risks for the consolidation of market reforms in Russia, China, and Africa, as well as for the maintenance of international agreements among the leading countries The spread of capitalism in the [last] Century five years is an historic event of real promise significance, but whether we will be the consolidation of a democratic and world system [twenty-five years ] will depend Oil our own foresight and good come.”