July 22, 2011
Spasm or Spiral? The West's Choice
Philip Stephens, Financial Times
Do these twin crises represent one of those damaging but short-lived spasms that have periodically disturbed the advance of the wealthy economies? A rerun of, say, the 1970s? Or are the shocks of an entirely different order - a harbinger of accelerating decline as the west surrenders two centuries of global hegemony?
TAGGED: China, Eurozone, United States