The aim of this paper is twofold. First, we document the changing global landscape before and after the crisis, emphasizing the shift toward multipolarity. In particular, we emphasize the ascent of developing countries in the global economy before, during, and after the crisis. Second, we explore what these global economic changes and the recent crisis imply for shifts in the direction of research in development economics. We place a particular emphasis on the lessons that developed countries can learn from the developing world.