Here's a quiz. Guess who wrote this:
"Many policymakers and economic thinkers in the U.S., Europe and Japan remain shrouded in denial. They assume that after a period of healing, high growth will return and the rules of global capitalism will restore the preeminence of the U.S. economy and the appeal of a chastened (yet only slightly less freewheeling) laissez-faire Anglo-Saxon model. Such thinking is either dangerously naive or the result of epistemological blindness."
If you guessed Nouriel Roubini, professor of economics at New York University's Leonard N. Stern School of Business, you're right! The full article, entitled Paradise Lost: Why Fallen Markets Will Never Be the Same, is starting to make the rounds. (I found a reference to it on Eddy Elfenbein's blog, Crossing Wall Street.)
On first reading - and admittedly a quick one at that - there doesn't appear to be a lot of new views expressed here. The short of it is that developing economies are growing far more important to the global economy and are becoming more politically influential, at the expense of the United States, Japan and Europe of course. Um, is this news?