The current global financial crisis is unique in that, unlike most previous crises -- which started in the periphery of the world economy, and whose deep and long-lasting impacts were limited to isolated parts of the globe -- today's crisis is rooted in Wall Street, at the heart of the globalized market, from where it has grown and spread worldwide.
As a result, powerful, globalized economies have taken the first and hardest punches. Although still a bit groggy, they are now struggling to get back on their feet. But while economists discuss how and when economies will emerge from this crisis, strategists are beginning to debate its geopolitical implications. ...
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