El-ERIAN: Behold The Disorderly Advent Of A New Global Economic Order
Dec. 21, 2011
Times they are a-changing, whether we like it or not.
In an editorial published today in Project Syndicate, Mohamed El-Erian argues that the global financial crisis and the eurozone sovereign debt crisis mark the beginning of a “new economic order” that will shake the hierarchy of global trade.
The world’s “emerging markets” are finally earning the respect they deserve, and the West must look to them if they want to mitigate the jarring effects of this status change.
In fact, he believes this global changing is already happening, and will continue to do so whether the West likes it or not:
Advocates envisaged an orderly process in which economic convergence accompanied and facilitated global economic growth. They foresaw a collaborative process guided by enlightened policymaking. But what is occurring is far different and more unpredictable.