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As emerging-market powers have grown economically, their geopolitical rise is occurring equally quickly. The G20 summit highlights a new ‘new world order,’ in which emerging powers have a stronger voice in international institutions. Despite their sometimes differing agendas, countries like China, India, Russia, and Brazil are learning to work together to earn a voice in this new economic order.
The G20 meeting scheduled for November 15 will begin to restructure the global economic order, presenting new challenges to the leaders of wealthy nations. The U.S. must support new global financial institutions and regulatory systems, and President-elect Obama will need to convince Americans that stronger multilateral mechanisms will actually help preserve our sovereignty and influence.
In his first—and possibly last—state-of-the-nation speech, President Medvedev seemed to focus on returning Putin to the Kremlin instead of adequately addressing Russia’s troubled economy. It is clear from the address that the president intends to increase United Russia's dominance by increasing its control over both the regional elite and the government.
America’s choice for Barack Obama as future President of the U.S. has dramatically changed the agenda for the rest of the world in all its facets. One of them is the ongoing argument about the role that Arab Sovereign Wealth Funds should play in the global economy and beyond.
China’s just-announced nearly $600 billion stimulus package is almost certainly overkill for China’s needs—China’s domestic demand expansion this year is too strong to warrant this much money spent any time soon. But the stimulus announcement is just in time to give a needed lesson to the U.S. government about what an effective stimulus package might look like.
Asia once was regarded as the vanguard of a global wave of democratization that, over the past three decades, has swept through southern Europe, Latin America, and Africa as well. In recent years, however, Asia has witnessed a democracy backlash.
The success of "state capitalism" – a capitalist economy run with a high degree of state control – has made it a model for states across the developing world. Western powers may now be wondering whether their brand of capitalism will triumph after all.
China's economy will remain strong despite the current global financial crisis, but its leaders should not assume that the crisis is a failure of capitalism, concluded Albert Keidel in a speech before the U.S.-China Business Council last week. Both the United States and China can learn from the crisis to improve their political and economic systems.
As world leaders prepare for next month’s international financial summit, critics remain skeptical about how quickly the IMF and the World Bank can actually adapt to the 21st century. Yet the mere fact that the upcoming summit will include leaders from the G20—rather than just the G7, as tradition would have it—suggests that the world is moving toward an unprecedented new financial order.
Today's financial crisis in America looks remarkably like the crisis that struck Japan 20 years ago, when a stock market meltdown exposed years of speculative lending, mostly dependent on real estate, and led to an economic collapse. The United States can take lessons from the Japanese experience as it attempts to engineer its own recovery.
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