A new world disorder
Three Davos summits on from the West's Great Crash, we begin to see where we are. This is not the total collapse of liberal democratic capitalism that some had feared at the dramatic World Economic Forum meeting here in early 2009, but nor is it the great reform of Western capitalism, then the devout hope of Davos.
Western capitalism survives, but limping, wounded and carrying a heavy load of debt, inequality, demography, neglected infrastructure, social discontent and unrealistic expectations.
Meanwhile, other variants of capitalism — Chinese, Indian, Russian, Brazilian — are surging ahead, exploiting the advantages of backwardness, and their economic dynamism is rapidly being translated into political power.… Seguir leyendo »