Aftermath: A New Global Economic Order?

Aftermath: A New Global Economic Order?

Aftermath: A New Global Economic Order?

Aftermath: A New Global Economic Order?

Synopsis

The global financial crisis showed deep problems with mainstream economic predictions. At the same time, it showed the vulnerability of the world's richest countries and the enormous potential of some poorer ones. China, India, Brazil and other countries are growing faster than Europe or America and they have weathered the crisis better. Will they be new world leaders? And is their growth due to following conventional economic guidelines or instead to strong state leadership and sometimes protectionism? These issues are basic not only to the question of which countries will grow in coming decades but to likely conflicts over global trade policy, currency standards, and economic cooperation.

Contributors include: Immanuel Wallerstein, David Harvey, Saskia Sassen, James Kenneth Galbraith, Manuel Castells, Nancy Fraser, Rogers Brubaker, David Held, Mary Kaldor, Vadim Volkov, Giovanni Arrighi, Beverly Silver, and Fernando Coronil.

The three volumes can purchased individually or as a set.

Excerpt

Perhaps the most significant choices to be made in the contemporary crisis involve the future of development—not just in the core countries that produced the crisis but also in the rest of the world. There is not likely to be a simple recovery, if that means a return not only to growth but to pre-crisis political and economic relations. As Saskia Sassen suggests in the opening chapter, the crisis has sorted winners and losers in a savage way. It has revealed strength in some national trajectories and policies, weakness in what had been boom levels of development elsewhere, and fragility in much of the financial architecture of Europe, America, and the international system they have led.

Some of the relative winners have been among the world’s previously less developed countries, particularly among semi-peripheral countries gaining entry to the world’s economic (and political) elite. China is the obvious but not the only example. Brazil suffered less in the crisis and started to bounce back faster than almost any richer country. Several other Asian and Latin American countries have also gained in relative standing as the oecd elite stumbled. There is more development in parts of Africa than there has been since the 1970s (though not without enduring fragilities and tensions). and Turkey, which long tracked the performance of eastern European countries, has more recently outperformed most of its fellow oecd members.

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