20 November 2008

Equilibrium potential

How is this 'financial crisis' not simply the emergence of real globalization? The West, particularly the US, has over the last few centuries amassed and generated most of the world's capital and information, but constitute only a small portion of its total population. With the emergence of the internet over the last ten years however, capital and information has started flowing freely between countries. Will this wealth not naturally, inevitably redistribute toward an equilibrium that more accurately reflects the geographical distribution of the world's population? BRIC growth may have slowed during the 'crisis' but it has certainly not stopped. China continues to fund US national debt. I understand that it's a sensitive question but is the West, particularly the US, about to be severely humbled, or is there something in Western culture that entitles its members to a life-style that, were it enjoyed by every person in the world, would require five planets? The West, after all, produced the scientific revolution that underpins its ever-rising living standards. The West also embraces an openness that continues to attract and innovate.
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