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24The Bahamas InvestorWhy are some economies more successful in deliveringeconomic prosperity and why do others fail so badly? Themost recent success story of economic growth centres verymuch on the emerging markets, with China, India andBrazil as the most prominent examples. On the otherhand, there are countries which have clearly failed withregard to economic prosperity. Measured by the UnitedNations Human Development Index, a number ofAfrican countries were poor 30 years ago and haveremained so until today.Growth theories suggest that the developments indemographics and productivity, as well as possibleendowments in the form of natural resources, are themain drivers of prosperity. More recently, however, superpowers and rich nations have focused more on boostingproductivity. The dominance of higher productivity overmore endowments has brought the way societies areorganized to the centre of attention when it comes toeconomic success.Productivity drivers include: . Property rights . Functioning legal systems . Money as a counter-value for goods and services. Tradable ownership rights such as shares and thedevelopment of stock markets. Appropriate economic frameworks . Social security systemsStrong demographics,advances in finances,telecommunicationscritical to success ofemerging economiesBy Janwillem C AcketLINDA M HUBER/©DUPUCHINVESTINGGrowth models: A new order emerges