re-start

Isn't that inconspicuous button just beside the power switch a life saver? The economists and so called think-tanks would certainly wish they had one by their side.

The mess that the entire world economy is facing is surely worth devoting some time. The question that puzzles me though is this - how on earth did we manage to create it in the first place? Its rather a miraculous u-turn. From the economic boom that filled the common man's perception with better returns and a certain upward trajectory to a situation where the major economies have almost come to a halt is worth analyzing. Current unemployment in the US and Europe has never been higher since the post world-war era where major economies were virtually obliterated.

Can we also say that the tide is shifting towards the Asian behemoths - especially the dragon and the elephant. Do we see a change of power at the centre of world order in the years to come? Possibly. But international relations and politics are so construed, its almost impossible to predict at this point in time. However, with China vying for a separate currency instead of the dollars hegemony should speak clearly of its intentions. India too has increasingly been involved in global talks and its say in global order and politics now carry more weight than ever.

Does this then bring to an end the dominance of capitalistic thought at the helm of economic ideologies? The European countries with their strongly designed social protection net has been able to stave off the ill effects that the recession has brought forth as compared to the free market economies of US. Though reeling under extreme pressure, the presence of a co-coordinating body at the centre in the form of EU has also just managed to save the day for the Europeans.

Whatever be the outcome, the level of uncertainty is surely at its peak.