Who will come out of the economic downturn on top? Will the rising powers continue to rise? Even though many analysts believe the financial crisis originated in the United States, the International Economic Bulletin published by the Carnegie Endowment for International Peace contends that it is one of the least affected countries. The unequal impact of the crisis has left both the US and China in relatively strong positions.
“The economic crisis has shown that even when a crisis originates in industrialized countries, developing countries pay the highest price and underlines why developing countries have a crucial interest in the financial soundness of large economies like the United States. This helps explain why the G20, rather than the G8, is leading the effort to design a regime to govern international finance. Or that Brazil, Russia, India, and China (the BRICs) organized their first summit to discuss, among other things, the role of the dollar as its reserve currency.”
Graphics from the Carnegie Endowment for International Peace.
