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'Constant revolutionizing of production, uninterrupted disturbance of all social conditions, everlasting uncertainity and agitation distinquish the bourgeois epoch from all earlier ones ... All that is solid melts into air, all that is holy is profaned.' Marx

a shift in global power « Previous | |Next »
February 20, 2008

In an op-ed in The Age Martin Jacques argues that a global power shift is in the making, as the growing economic crisis takes hold:

This crisis, however, threatens to be even more fundamental. While the 1973 gyrations were the result of a temporary shift of power from the industrial world to the Organisation of Petroleum Exporting Countries, the underlying cause this time is permanent and far-reaching — a fundamental shift in power from the developed world to the developing world — above all China and India. There has not been anything like this since the inception of the West as an industrial powerhouse in the 19th century.

This heralds a major reduction in the global economic and political influence of the US and that the political consequences of this shift will be enormous.

| Posted by Gary Sauer-Thompson at 10:03 PM |