As the West reels from the economic nightmare of the credit crunch and looming recessions, the dream of economic dynamism still seems very much alive for the emerging economies. The world’s imagination is captured by the possibility of poor countries finally achieving the living standards of the developed world. But is the astonishing economic growth of the emerging economies a pain-free experience?

The benefits are clear. The most dynamic economies of the developing world are experiencing increased wealth, longer life expectancy, lower infant mortality, high literacy and improved food security. But this dynamism is limited and uneven: for the millions left behind, life can seem more uncertain than ever. Many rural communities are being uprooted to make room for development, or hollowed out as the young and able leave for the cities. The bright lights of the city hold little comfort for most migrant labourers: they have few rights, no property, no community and are easily exploited.

Are brutal urbanism and rural decay the cost of economic expansion, the unavoidable growing pains of development? Or should we reconsider the benefits of growth with the hindsight of Western experience? The problems of urban squalor, insecurity and rural poverty have been largely eliminated in the developed world. But even in the most advanced countries of the West, concerns about climate change and the soulless character of materialist consumerism have led some to argue that development brings as many problems as solutions. Is this self-indulgence on the part of the West, or a cautionary tale for the developing world?