ARTICLE: Slowing Economy Gives Way to Global Role Reversals, By Anthony Faiola and Jill Drew, Washington Post, July 17, 2008; Page D01ARTICLE: Saudis Look Beyond Oil to New Economy in Desert, By Faiza Saleh Ambah, Washington Post, July 17, 2008; Page A01
None of this structural change in the global economy means it's always going to be smooth sailing or anything like that. It just means there's plenty more chance for balancing across the system at any one time, which is very good.
The best thing is that the emerging/next emerging economies realize what a chance they have right now, and that they're taking full advantage.
By keeping our international liberal trade order easy to join and hard to overthrow, we build in resilience through sheer numbers of players over time.
Good for us, good for them. Globalization is just plain good.
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