We are entering a new stage of the rapidly evolving global economy. The first stage has lasted some 25 years, beginning in the very late 1980s. As we move from 2014 into 2015 and 2016 there will be fundamental shifts in both the global economy and almost equally importantly, how we perceive it. By 2017, this view of the second stage of the global economy having begun will largely be held by economists, business, media and, hopefully governments.

In Part One and Part Two I looked at how the global economy started, grew and evolved. It is …