Globalnomics: over the tipping point?

Sunday 20 October, 10.30am until 12.00pm, Conservatory Economic solutions?

If the US is successful in extending its free trade areas to the Americas as a whole (FTAA), the Middle East (US-MEFTA) and Europe (TAFTA), then the world economy will be pretty neatly divided into the West (plus Japan) and the Rest (China, Russia, India, the Asian economies) with everything to play for in Africa. Is the world economy coming into a new balance after the turbulence of the last decade? In the face of apparent US and Japanese economic resurgence and possible slowdowns in China and India (albeit relative), were the fears of Western decline premature? After all, the US and the EU economies are each twice the size of the Chinese. Or are more recent developments little more than a wrinkle in the bigger picture? Has the balance already irreversibly shifted to the East, and is the best the West can hope for managed decline?

Professor Deepak Lal
James S. Coleman Professor of International Development Studies, University of California, Los Angeles; author of Reviving the Invisible Hand, In Praise of Empires and The Hindu Equilibrium : India c1500 B. C. -2000 A.D

Philippe Legrain
visiting senior fellow, LSE’s European Institute; author, Immigrants: your country needs them and European Spring: Why Our Economies and Politics are in a Mess – and How to Put Them Right

Phil Mullan
economist and business manager; author, Creative Destruction: How to start an economic renaissance

Catherine Schenk
professor of international economic history, University of Glasgow; author, International Economic Relations since 1945

Angus Kennedy
convenor, The Academy; author, Being Cultured: in defence of discrimination

Produced by
Angus Kennedy convenor, The Academy; author, Being Cultured: in defence of discrimination
Recommended readings
The Impact of the “BRIC Thesis” and the Rise of Emerging Economies on Global Competitive Advantage.

The paper examines the thesis that by mid-21st century BRIC economies of Brazil, Russia, India and China (the “East”) would be wealthier than today’s seven largest developed economies of the G7 (the “West”).

Richard T. Mpoyi, North American Business Press, 2013

Why China will not buy the world

China frightens the west. Rarely, however, do westerners look at how the world looks to China. Yes, it has made enormous economic strides. But it still sees a world economy dominated by developed economies.

Martin Wolf, Financial Times, 10 July 2013

The Coming Challenge to U.S. Economic Dominance

Economic alliances between the BRICS countries pose a threat to the United States’ global dominance.

David Francis, Fiscal Times, 23 April 2013

The De-Westernisation of Globalisation

In the wake of the global economic crisis, the “Beijing consensus” has come to replace the “Washington consensus” as an economic model other countries emulate,

International Relations And Security Network, 19 March 2013

Beating History: Why Today's Rising Powers Can't Copy the West

If BRICs want to grow as rich as today's powers, they'll have to find a new model, because the Industrial Revolution could only happen once.

Heather Horn, The Atlantic, 15 February 2012

Driving Decline? Economic Crisis and the Rise of China

The United States may be declining in its economic and political clout while China rises, but that does not necessarily mean China is surely on its way to global dominator, or that the US cannot bounce back.

Dr Nicholas Kitchen & Michael Cox, London School of Economics

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