Geopolitical Recession
Ian Bremmer notes:
“In recent weeks, the word “recession” has once again appeared in print and echoed across the airwaves. Analysts, reporters and politicians still use the term to mean that familiar phenomenon that comes and goes and comes again, a dip in the business cycle as natural and expected as a change in phases of the moon. The trouble is that they’re talking about a textbook recession: a temporary decline in economic growth. Today’s true worry is a geopolitical recession, a storm forming for nearly a decade. The Pax Americana phase of history, when many assumed the United States would indefinitely stand astride the narrow world like a colossus, has given way to a G-Zero world, one where the old Group of Seven table no longer defines the world’s balance of political or economic power, and one in which economic benefits don’t flow as readily toward America.”