Financial Markets Must Not Return to "Bad Old Ways" |
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| Authors: | JOSÉ MANUEL BARROSO |
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| Affiliation: | Shortly before the G-20 Summit in Pittsburgh, JOSÉMANUEL BARROSO;, president of the European Commission (the executive branch of the European Union), sent a letter to the new prime minister of Japan, Yukio Hatoyama, welcoming his recent essay on globalization, saying that Europe's and Japan's visions were "converging". |
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| Abstract: | Thanks to the draining effects of the Iraq war and the financial meltdown emanating from Wall Street, a powershift away from American dominance is taking place. Caught between a rising China and an America in relative decline, the new leadership in Japan is recalibrating its post-World War II relationships. The G-20 has usurped the role once played by the G-8 as the governing committee of globalization. And the symbiotic coupling of "Chimerica", born out of the credit bubble built up over the past two decades, is being put to the test.
In this section, the new prime minister of Japan, the president of the European Union, the president of Brazil and a leading economic historian assess these shifts. |
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