ADVERTISEMENT
(Bloomberg) -- For the last 40 years, with the Reagan revolution sweeping the world -- markets were in the ascendant and the state in retreat -- but with the rise of China, that trend is swinging into reverse. Marrying Bloomberg Economics’ forecasts for long-term growth with the Heritage Foundation’s economy classifications of “free” and “unfree” we can chart the 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 will likely have declined to 26%.
ADVERTISEMENT
Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.
©2021 Bloomberg L.P.