Steve’s comment below in the End Times post reminded me of this interview with economist Joseph Stiglitz discussing a new world economy:
Q: Policy-makers often talk about the U.S. as the world’s indispensable nation. Is that consistent with how you view America’s place in a post-crash world economy?
A: Well, America is still the largest economy in the world, and in that sense it is going to continue to be a central player. Even the most optimistic forecast for China’s growth suggests that it will be a quarter century before China is comparable in size, and even then, China’s per capita income will be markedly lower than it is in the United States. And I think the United States is likely to continue to be the source of innovation, the source of higher education. So, the role of the U.S. is going to continue to be very, very strong. But there was a short period between the end of the Cold War and the crash of Lehman Brothers where the U.S. was the superpower not only militarily, but economically. It had a very strong role in dictating the terms of international agreements. That position is not likely to be restored.