Emerging economies — many of which were once considered backwaters destined to languish — have taken giant leaps forward by joining the global economy.
Consider India and even Communist-led China. Despite some recent problems due mostly to renewed authoritarianism, in the last few decades these economies have shifted from being insulated and stagnant to relatively open and dynamic participants in global commerce. By embracing markets and reducing bureaucratic encumbrances, they’ve catalyzed an economic renaissance.
These dimensions include lifespan, infant mortality, adequate nutrition, environmental quality, access to opportunity , access to information and political freedom. Each are critically important living standards that measures of monetary income might not fully reflect. Finally, the index gives more weight to things that are harder to achieve — like the feat of increasing life expectancy from 70 to 80 compared to the first step of increasing it from 20 to 30.
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