Threat from emerging giants...
World history has witnessed a trend of few leading nations dictating world policy and future and many followers supporting those policies, sacrificing their national, regional and racial interest. But last century has given birth of many emerging giants like Korea, China & India who have become a certain threat to that trend, raising many uncertainties for global stability. China is now single largest investment destination, India & Korea are more in the forefront of the world, in terms of trade, which was unimaginable few decades ago. Total FDI from Europe to China is $35 billion, till date. And the West has continued dictating global trade policies through creating many institutions like the World Bank, IMF, GATT & IEA. But with emergence of new giants, these institutions have become ineffective, inefficient & outdated. As history suggests that in times of crisis, it is the West which has stabilised hostility and brought peace and institutionalised nations, for peace and constancy with advanced and suitable policies. Should not they again come forward, actively thinking that individual emerging giants can’t control instability?
World history has witnessed a trend of few leading nations dictating world policy and future and many followers supporting those policies, sacrificing their national, regional and racial interest. But last century has given birth of many emerging giants like Korea, China & India who have become a certain threat to that trend, raising many uncertainties for global stability. China is now single largest investment destination, India & Korea are more in the forefront of the world, in terms of trade, which was unimaginable few decades ago. Total FDI from Europe to China is $35 billion, till date. And the West has continued dictating global trade policies through creating many institutions like the World Bank, IMF, GATT & IEA. But with emergence of new giants, these institutions have become ineffective, inefficient & outdated. As history suggests that in times of crisis, it is the West which has stabilised hostility and brought peace and institutionalised nations, for peace and constancy with advanced and suitable policies. Should not they again come forward, actively thinking that individual emerging giants can’t control instability?
Source : IIPM Editorial, 2012. An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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