The New International Economic Disorder
To commemorate its founding 25 years ago, PS will be republishing over the coming months a selection of commentaries written since 1994. In the following commentary, Mohamed El-Erian cautioned that the forces driving the formation of a new global economic order were not orderly at all.
https://prosyn.org/NGeSw4V
NEWPORT BEACH – A new economic order is taking shape before our eyes, and it is one that includes accelerated convergence between the old Western powers and the emerging world’s major new players. But the forces driving this convergence have little to do with what generations of economists envisaged when they pointed out the inadequacy of the old order, and these forces’ implications may be equally unsettling.