A new model of consumer-led growth is beginning to emerge in the tiger economies -- in South Korea and Thailand, in particular.
This model owes a lot to the U.S. model. But in this instance, it is not the model that the U.S. Treasury and International Monetary Fund, both Washington-based institutions, have been peddling for more than a decade.
The real American model
Rather, it is the American post-war success story of consumer and government-deficit led growth that has made the United States such a prosperous middle-class economy.