The world is changing before our very eyes. Even 15 years ago, it was reasonable to use the word “unipolarity” to talk about the power balance in politics and economics. Benchmarks for success in business were also set by Western companies. The structure of the present world order is much more diverse. The role of the locomotive of economic growth lies with developing countries, and companies that originated there are increasingly conquering heights set by Western businesses. BCG ranked 100 countries with emerging markets that have the chance to determine the shape of the global economy in the coming decades.

In recent years, developing countries have justifiably earned the title “driver of economic progress.” Already, their markets are voluminous and will be even more so in the foreseeable future, thanks to the constantly high rate of economic growth. At the same time, a national accumulation of wealth is taking place, as consumer savings grow in response to the increase in income. Overall, this leads to an improvement in the general welfare of the citizens in those countries. Thus, in 2012, private wealth grew 7.8% worldwide, mostly thanks to developing countries in Asia. Prosperity indicators in Asia (13.8%) and Latin America (10.5%) were significantly higher than the global average. Furthermore, BCG projects that by 2017, developing countries will account for 70% of all increases in private wealth.

If you travel towards the mountains along the French Riviera, just north of the coast, among the villas, olive trees, and plants that flower year-round is the Sophia Antipolis Technopark, home to the Business Angels. They flew here from all over the world – people who believe in an idea and giving it life.

The American Marilyn Davison lives in a massive complex, located by some seemingly magical set of circumstances on Angels’ Bay in the town of Villeneuve-Loubet, not far from the Sofia Antipolis Technopark. “My husband and I were both invited to join this community. My husband worked for a small American company that has launched activities in Europe. He founded the first company, whose employees have grown over time from one person to 13. Later he worked with distributors all across Europe and the Middle East, even once going to Russia. We started in Brussels, then moved to Nice, then from Nice to Paris, then once again returned to Mougins, and finally settled here in Villeneuve-Loubet.”
“Wonderful people! Great project!” is how Marilyn Davison talks about everyone with whom she has had a chance to work. There are angels all around us, we just don’t notice them. Many such communities exist – in Nice, for example, there is a Mediterranean community, and in Paris there are many as well.

British economist and Nobel Prize laureate Christopher Antoniou PISSARIDES, the author of works on the theory of economic growth and the causes of unemployment, visited World Economic Journal editor-in-chief Robert GUBERNATOROV.

Professor Pissarides, what do you think the future of Europe holds? Is it likely that Europe will split into countries that stick with the euro, and countries that leave the European Union and return to their national currencies?
I think that Europe will keep the single currency, despite everything. It would be very difficult to separate the Eurozone, and I do not see any benefits to countries that withdraw from the European Union. The countries of Europe definitely need to stay together. There are no advantages for countries that join together in rather small independent unions.

Professor Robert Mundell, Nobel Prize winner in economics and the person known as the “father” of the euro, visits the Chief Editor of World Economic Journal.
– In the foreseeable future, is there a possibility of a third global currency (along with the dollar and the euro) emerging in Asia?
– That strong currency would most likely be the renminbi (yuan). If China’s GDP keeps growing at the same rate over the next 10 years, it could catch up to the U.S. So I don’t rule out that by somewhere around 2025 the world could have three main currencies: the dollar, the euro, and the yuan. Moreover, the Japanese yen has a chance at becoming the fourth world currency unit. It’s also possible that the British pound could advance and become a fifth currency. But there is a lot of competition between the Chinese and Japanese currencies and if the dollar and the euro calmly interact with one another, the yuan and yen don’t. Overall, some countries could be part of a single currency zone which doesn’t require them to use a single currency, but would simply requires them to regulate the currency exchange rates in that region, that is, to set the ratio of the euro and dollar, for example. Changing the currency of your country to another one is a serious political move and no one will go for being in a country that swings between two currencies. That’s why creating a single currency for the entire Asian region doesn’t seem possible to me. Maybe they’ll ‘make friends’ later, but for now the Asian countries can perfectly well keep their own currencies and simply regulate the exchange rates.

Robert Alexander Mundell, Nobel Laureate in Economics, Professor of Economics at Columbia University

Alan Mader and Nitin Mehta told the World Economic Journal