Abstract
As British Prime Minister Gordon Brown notes in this section, we are witnessing the birth pangs of a new global order in this deepest financial and economic crash since the Great Depression. There will be plenty of pain all around for a while. And when the quarter‐century leveraged‐debt bubble of the United States—the explosion of which detonated the crash—is finally unwound, the new global balance will favor an Asia flush with cash. The G‐20 will replace the G‐7 as the executive committee of globalization. And, if wise leadership stays the course, there will be a “green lining” to the recovery as the fiscal stimulus is imbued with an environmental sensibility.
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