![]() | Losing Control: The Emerging Threats to Western Prosperity Subjects: Western countries -- Economic conditions -- 21st century; Western countries -- Economic policy; Developing countries -- Economic policy; A hard-hitting analysis of the future of the global economy and what it means for the Western way of life The tide of money washing in from emerging nations has already fuelled the recent property bubble in the West, while new patterns of trade have left the West increasingly dependent on risky financial services. Unless things change drastically, King argues, the increasing power of emerging markets, when coupled with poor internal regulation and an increasingly anachronistic system of global governance, will result in greater instability and income inequality, accompanied by the risk of a major dollar decline. And as Western populations age and emerging economies develop further, the social and political consequences may be alarming to citizens who have grown accustomed to living in prosperity. Stephen D. King is group chief economist and global head of economics and asset allocation research at HSBC. He lives in London. |
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