The Week That China Began to Rule the World ; Top-Selling Economics Author Argues That September 2008 Marks an End of Empire As Momentous As August 1914

Summary

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JUST as the first guns of August 1914 blew away a world dominated by the European empires, so may the past nine days of sheer madness in the financial markets have marked the point at which the established developed economies - of which the United States is the undisputed leader - lost control of the world economy and its future.

Despite all the talk of a 'global financial crisis', the convulsions that began in August 2007 and have shaken us ever more violently since have been concentrated in the so-called Anglo-Saxon economies - chiefly Britain and America. It is a 'global crisis' only in the sense that a baseball competition that comprises mainly Americans is the 'World Series'.

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The Week That China Began to Rule the World ; Top-Selling Economics Author Argues That September 2008 Marks an End of Empire As Momentous As August 1914

To admirers, these are the go-getting economies that have been happy to see bog-standard activities, such as manufacturing, mining and agriculture, emigrate to the developing world while concentrating on financial services and the 'creative' industries such as advertising, film-making, music and the media.

To critics, they are the 'P...

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