The Weary Titan
Many people still look at the American economy, towering over the rest of the world with its $14 trillion GDP, as the engine of global recovery. But an increasingly uncompetitive civilian industry, the burden of military commitments overseas, and wage stagnation all signal that the American titan might be wearying.
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PARIS – The unfolding “currency war,” which is likely to dominate discussions at the upcoming G-20 summit in Seoul, must be assessed against the backdrop of the new landscape of power – a landscape that has been transformed, in just two years, by the first crisis of the globalized economy.