In the last 40 years, with the Reagan revolution sweeping the world – markets have been on the rise and the country is in retreat – but with the rise of China, the trend is reversing. Combining Bloomberg Economics’ long-term growth forecast with the Heritage Foundation’s economic classifications of “free” and “non-free” can show evolution: in 1990, about 66% of global GDP came from “free” and “mostly free” economies. ; by 2020, that share had fallen to 45%; by 2050, it is likely to fall to 26%.
Björn van Roye and Tom Orlik are both economists.
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