During the worst days of the financial crisis, investors and policymakers talked of decoupling, asking if the rich countries crashed would emerging economies continue to grow. They did. But this spawned another mantra: the two-speed world, in which emerging markets surged even as the advanced nations stagnated. We believe it is time to start talking about another, more ominous moniker for the times ahead: the four-speed world, and the dangers it poses to global growth.
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