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Friday 29 May 2009

Reasons for the Crisis: Message 10/10

x) The day after tomorrow, the world will be different. 

We may be walking towards a world where governments will have a much larger role in all economies;  where financial intermediationwill be a state-controlled "utility";  where "deglobalization" will happen;  where societal preferences for consumption will be subdued;  and where there will be more than one globalreserve currency.  Developing countries will have true autonomy-----they will now have to rely more on their own internal capacity.  And the "new USA" will still count on its fundamental advantages (unparalleled rule of law; inside track in science and technology; growing population; unmatched military) but it will be a more frugal place, and no longer the engine of growth for the rest of the world.

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