Even the progressive factions of the public may be in for much more "change" than they bargained for. The global economy as we knew it is finished (despite British PM Gordon Brown's fatuous suggestion that we are ready to formalize it). The world is about to lose its "flatness" (sorry Tom Friedman) and get much rounder. For one thing, the racket of American "consumers" gobbling up the output of Asian factories in exchange for paper promises is over. For the moment, the Chinese are struggling with epic factory closures with the sudden prospect of a restive lumpenproletariet. The situation there is bound to get worse. Before long, these broke-and-hungry masses may actually challenge the present government. In the meantime, there's no telling what the (unelected) Chinese government might do either to keep itself in power, or genuinely defend its country's perceived economic interests. One thing is self-evident: we are not returning to the old racket of toys-for-treasury-bills.
lead toys and melamine petfood for toxic paper, whatta deal!
castles built on sand... The person who says it cannot be done should not interrupt the person doing it. Chinese Proverb.
the only question is how abrupt or tender the transition will be... but there is no doom scenario I can foresee... I think even a great depression is almost impossible, given the money that can be invested in energy and new car productions....
but it can be a bumpy road ,lasting even a decade in the worst case cenario...a dt he capitalsim at the end of te road will be very different...
A pleasure I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude
Oh.. well this is soemthing Krugman already says.. and I guess eh gets fees... I just ened a noble prize.. I will keep on working on it..
