The invisible economy.

• Author: Watkins, Tate
• Position: Briefly Noted - Brief article

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"There is another economy out there," writes American journalist Robert Neuwirth in Stealth of Nations (Pantheon). "It is how much of the world survives, and how many people thrive, yet it is ignored by most economists, business leaders, and politicians." The $10 trillion economy to which Neuwirth refers is made up of the ubiquitous street markets and unlicensed bazaars in cities such as Lagos, Sao Paolo, and Guangzhou. Its entrepreneurs are importers of fake handbags, hawkers of pirated DVDs, wholesalers of papayas, and drivers of clandestine taxis.

These vibrant, bustling...