The real heroes of the world economy – the role models that others should emulate – are countries that have done relatively well while running only small external imbalances. Countries like Austria, Canada, the Philippines, Lesotho, and Uruguay cannot match the world’s growth champions, because they do not over-borrow or sustain a mercantilist economic model.
世界经济的真英雄——其他国家应该效仿的榜样——是做得相对较好且外部失衡较小的国家。奥地利、加拿大、菲律宾、莱索托和乌拉圭无法与世界增长冠军相媲美，因为它们没有过度借贷来维持重商主义经济模式。它们是不起眼的经济体，很少出现在标题中。但没有它们，全球经济将比现在更加难以治理。