The Great Transformation

A wide-ranging discussion of the future of the global system as we move away from U.S. dominance toward a multipolar world In The Great Transformation , Dan Steinbock explores two key effects of the current global financial crisis. On the one hand, the international Great Recession is driven by a severe cyclical downturn, which will take the fully developed economies of the U.S., Western Europe, and Japan 5-10 years to overcome. On the other hand, it is characterized by a massive secular transformation, in which the old engines of growth in the world economy are being augmented by the large, emerging economies of China, India, Brazil, and Russia, as well as Indonesia and Vietnam, the oil producing Persian Gulf, and Africa's growth centers. In this highly topical account of the ongoing global transformation, Steinbock examines the global impact of this colossal shift of economic and political power from the advanced West to the emerging East. Presents a high-level economic discussion of the forces of global change Explores the transition of economic dominance from West to East and the potential for disruptive instability, increased risk, and rising volatility Explains and examines the stages of growth and the huge pressures they place on the global economy, political leadership, and social cohesion A fascinating study of the changing international financial hierarchy, The Great Transformation offers an insightful, and sometimes alarming, look at what lies ahead.