By Claude Smadja and Clyde Prestowitz
In the wake of the economic crisis, most of the discussion has been about stimulus, reforms, and bankers' pay. Yet the big story is the reordering of power and the advent of a radically new form of globalization.
For the first time, the United States and Europe have had to rely on emerging economies to overcome a crisis. The perception that the meltdown was caused by U.S.-style capitalism has greatly diminished America's prestige. The Washington Consensus is dead, and the West no longer has a monopoly on the solutions to global governance.
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