Has Growth and Convergence of Developing Economies Been Derailed?

This article is the transcript of the plenary lecture that Michael Spence delivered at theRimini Conference in Economics and Finance 2014 (RCEF2014) of RCEA. It has beenmoderately edited so as to enable the transfer from the spoken word to the printed page.RCEA owes special thanks to Angelo Melino for organizing and chairing ProfessorSpence lecture