Atlas Shrugged?As The Developed World Loses Its Mojo, đźđł Should Step Up!
The developed economies have lost their mojo! A New Normal of low growth and high inflation awaits them. Otherwise, why will the ECB (European Central Bank) revise its forecasts lower, and why will once the âengineâ powering the global economy, suspend publication of youth unemployment data, as it grapples with deflation. The post Brexit United Kingdom is in the midst of an âexcruciatingâ cost of living crisis. The United States, marginally better though, is âbafflingâ all in the âweirdnessâ of its economyâs behavior.
Why is this happening? After all, weâre talking about the most advanced nations in the world, technologically superior and economically powerful! More so, when they have âshoulderedâ the Global Economy since the Second World War. And, does this âmomentâ represent a fundamental âshiftâ in the balance of power, or just a âbreakâ from the past, soon to be mended by a ânew glueâ of prosperity, driven by technologies such as Generative Artificial Intelligence? After all, Western preeminence rests on innovation and Invention.
The answer, in part, is the âweakeningâ of the âforcesâ underpinning their âdominanceâ over many decades. Globalization is in retreat. Decades of easy money, that fueled their ascent, are now giving way to an Era of Tightening, as the Ukraine War drags on, âchipping awayâ at the pillars of European growth. China , built an âEmpire of Debtâ, that is now deflating, knocking the âwheelsâ of its economic âmiracleâ. Moreover, much of the developed world is also in the throes of an âidentity crisisâ as the West, grapples with a far right âsurgeâ, and populist politicians turn their backs on free trade. Also, ageing societies, China included, debate whether immigration is the answer, while the aforementioned take a strident stand.
In short, âtheyâ need a âreplacementâ to drive global growth over the next few decades, and this is where India under Modi, much like the âresurgentâ Middle East, led by MBS & co come in. You would have noticed these âsubtleâ and not so covert âpromotingâ of new powers in the recently concluded G20 summit. A good example is the India-Middle East-Europe Economic Corridor. Apart from being a âone upmanshipâ with Chinaâs Belt and Road Initiative, this also âannouncesâ how the Western elites view India, as an ally, and a future power, on the rise. This is also the reason why Modi is received ârapturouslyâ wherever he goes. Plus, the Indian Economy is indeed âshiningâ (we can grumble, for a âfewâ), and we have Age on our side, given the youthful population.
So, doesnât all this add up? And, why should we let this âgolden opportunityâ slip? I personally feel that, no matter who is in power, we, Indians should âgraspâ at this newfound importance with all hands, and throw our might at âliving upâ to the potential we have. After all, Make Hay While The Sun Dawns Over The East, just as it Sunsets the West!!
The post Atlas Shrugged?As The Developed World Loses Its Mojo, đźđł Should Step Up! appeared first on Springfields of Rejuvenation.
The post Atlas Shrugged?As The Developed World Loses Its Mojo, đźđł Should Step Up! appeared first on Springfields of Rejuvenation.