The Global Economic Crisis and its Aftermath

The Global Economic Crisis and its Aftermath

World Affairs, 22 March 2011

It is now clear that the global economic crisis was not just the pricking of another bubble. It is the extreme manifestation of the post-Cold War globalisation model that had been promoted vigorously by the Atlantic powers. It has brought to the fore not only the structural weaknesses of America's real economy but also the extraordinary disadvantage of having a single reserve currency system. Most analyses of the international political economy in the post-crisis phase, however, remains perfunctory even as several observers pay lip service to a new world order. The structural causes and possible consequences of the contemporary situation are addressed in this article.