The recent spate of articles about the rise of the Far East - with titles like "Is this the Indian Century?" or "Sovereign Wealth Funds - the new Weapons of War" - tells us something not only about seismic upheavals in global economic realities, but also about equally deep psychic movements. The long centuries of the West's effortless superiority are coming to a rapid end, and all its apparently solid assumptions are melting into air.
Much of this is self-inflicted. A capitalist system that could expand only on the basis of heavily indebting weak states abroad and malleable governments at home together with hundreds of millions of their deluded citizens was never a good idea. The future world economy required to support the debt repayment would have implied ransacking the planet's resources to the point of destruction. Sure enough, just as competitor economies in Asia shook off their shackles and entered the rapid growth phase of capitalist take-off, Western economies collided with several barriers. Internally, the "credit crunch" was the first sign that household debt was unsustainable (bankers had already recognised that this was the case as far as poor country debts were concerned). Then there was climate change, itself the product of unrestrained economic growth, and beginning to impose costs which the corporate elite had hoped to dump for ever into the atmosphere and oceans.
On top of that came wars waged to assert the Western grip, but which have proved catastrophic. For their economic impact as estimated by Stiglitz and Bilmes, see this blog, 3rd March.
As economic elites will their bankers to finesse the crisis through manipulation of interest rates (though in truth the space between precipitating a major slump and stoking up inflation is shrinking all the time), political elites manoeuvre to find firm ground in the newly fluid international order. In Britain this takes a tragi-comic form, as Gordon Brown weighs up whether he dare meet the Dalai Lama and incur the wrath of Beijing (the tragic part) and performs an act from a Gilbert and Sullivan comic operetta involving President Plaza Toro of France, a bevy of royals and endless choruses of high-kicking MPs, all with a heavily costumed military escort. But underneath it all, is there a hint of a realization that as the US becomes less predictable, and our "special relationship" increasingly meaningless, we need to pay attention our European backyard after all? If so, old habits die hard, and our first thought is to split the EU by forming an alliance with the newly loose French cannon.
Meanwhile the smart commentators ask whether China and India have learnt the lessons of the West, that uncontrolled expansion brings its own penalties. But there is another question. It is whether we in the West have yet learnt to speak to others from a position other than that of power. As Kishore Mahbubani puts it, the West could "learn to do something new: to listen to the voices from the rest of the world".
The Sermons of Cowards: click here to read Kishore Mahbubani's recent Guardian piece in full
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