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As the economic giants of Asia and elsewhere have re-awakened, Western leaders have increasingly struggled to maintain economic stability. The international financial crisis, which began in 2007, is but one result of the emerging nationsâ€™ increased gravitational pull.
In this vividly written and compellingly argued book, Stephen D. King, the global chief economist for HSBC, one of the largest banking groups in the world, suggests that the decades ahead will see a major redistribution of wealth and power across the globe that will force consumers in the US and Europe to stop living beyond their means.
The tide of money washing in from emerging nations has already fuelled the recent property bubble in the West, while new patterns of trade have left the West increasingly dependent on risky financial services. Unless things change drastically, King argues, the increasing power of emerging markets, when coupled with an increasingly anachronistic system of global governance, will result in great instability and income inequality, and the risk of a major dollar decline. And as Western populationâ€™s age and emerging economies develop further, the social and political consequences may be alarming for citizens who have grown accustomed to living in prosperity.
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Dr Stephen King, Group Chief Economist & Global Head of Economics and Asset Allocation Research, HSBC Bank PLC
- Friday, 03 September 2010
- 5.15 p.m. - 6.30 p.m.
Seminar Room 3-1
Level 3, Manasseh Meyer
Lee Kuan Yew School of Public Policy
469C Bukit Timah Road