The global rift between advanced and developing countries is widening, according to Dr Peter Blair Henry, dean of New York University's Stern School of Business.
The BRICs - Brazil, Russia, India and China - are on the "downswing" while the United States is on the rise again, said Henry, a former adviser to US President Barack Obama and author of Turnaround - Third World Lessons for Third World Growth.
This has resulted in "an undertone of schadenfraude and a desire to return to the Old World with the advanced countries on the top and the emerging economies below," he said.
Schadenfraude refers to delight in the misfortune of others.
Meanwhile, the emerging economies are becoming more distrustful of the advanced nations, and are now talking of creating their own development bank to compete with the IMF and World Bank, Henry said at a September 19 forum organised by the Private Sector Organisation of Jamaica.
Henry is of Jamaican parentage but has resided in the US for more than two decades.
The trust gap between the First World and emerging world got a boost in 1985, when US Secretary of State James Baker gave a speech in South Korea on 10 US guidelines for sustained growth. The outline became known as the Washington Consensus, and it became "a dirty word all throughout the Third World, as it was thought to be in the interest of banks that made loans to developing countries and not the countries themselves," Henry said.
Since then, the power of emerging economies has grown. Henry said 21.5 per cent of global GDP is now from the BRICs, "but BRIC countries only account for 11.5 per cent of the voting rights" at global bodies like the IMF.
He warned against the key difficulty of the global trust deficit. The BRICs' decision to set up their own development bank, he said, is "systematic of the underlying resentment" and pushes us to a "zero-sum game," and a "Balkanisation" of the global economy.
"A critical point is just because the advanced economies are continuing to say 'do as we say and not as we do' is no reason, as we say in Jamaica, to 'cut off our nose to spite our face'," he said.
There is much that First-World economies could learn from emerging economies, particularly in the areas of discipline, clarity and trust, Henry said.
Discipline is "all about fiscal discipline in the case of Jamaica". But for Europe, and, particularly Germany, it is more about a "sustained commitment" to teamwork and "structural adjustment," he told the forum.
Clarity is where leaders demonstrate a "clear commitment to progress" and when they "demonstrate a clear commitment to a change in direction," he said.
Discipline and clarity result in trust, he said, adding that "a fundamental mistrust" between First-World and emerging-world governments "stands in the way" of global growth.
"Hopefully, global leaders will find clarity to move us forward," he said.
In 2008, Henry led Barack Obama's presidential transition team in its review of international lending agencies such as the IMF and World Bank. He is also a member of the board of the National Bureau of Economic Research, the Council on Foreign Relations and the Kraft Foods Group.
Born in Jamaica, Henry became a US citizen in 1986.