The Wobbly West
Western democracies have prided themselves on institutional checks and balances, but obviously these mechanisms did not work during the crisis or the preceding boom. So, when Chinese and Russians officials attack democracy as such, old questions about democracy’s efficacy and stability are raised anew.
https://prosyn.org/jis1dDR
CHARLESTON, SOUTH CAROLINA – Early in the financial crisis, a major emerging-market investor told me: “This is not a global, but a semi-global financial crisis.” He was right: it really was a crisis of the United States, Europe, and Japan. Among emerging markets, only Eastern Europe was badly hit. Indeed, the crisis marks the emerging economies’ overtaking of the major Western countries, with huge consequences for global power, finance, politics, and economics.