The new titans

The new titans | Economist.com

There is also more than one definition of emerging countries, depending on who does the defining (see article). Perhaps some of these countries should be called re-emerging economies, because they are regaining their former eminence. Until the late 19th century, China and India were the world's two biggest economies. Before the steam engine and the power loom gave Britain its industrial lead, today's emerging economies dominated world output. Estimates by Angus Maddison, an economic historian, suggest that in the 18 centuries up to 1820 these economies produced, on average, 80% of world GDP (see chart 2). But they were left behind by Europe's technological revolution and the first wave of globalisation. By 1950 their share had fallen to 40%.