Political economy and geopolitical implications
The economic columnist for The Financial Times, Martin Wolf in the issue of 10 October 2008 considered the possible consequences of the crisis of 2008 to the globalization process: "How to survive the crisis of globalization, which depends on the continuation of liberal market policies around the world? Technology (especially information and cheaper means of communication) are also, of course, play a big role, but by themselves they are not able to develop on globalization. What plays a great role determination to develop an open financial system, encourage direct investment and trade barriers removed. That trade - the main engine of globalization. <...> The current financial crisis poses a danger to three of globalization. First, it might discourage liberalize financial markets. Even if the U.S. and Europe can not cope with the Freeport financial markets, how can developing countries hope to retain control over them? Secondly, it could undermine confidence in the model of capitalism, based on the open market. <...> Finally, the crisis could worsen the global economy. '
October 13, 2008 The Times wrote that the world will be followed by the gradual shift from a unipolar global monetary system, based on the dollar. Referring to the "People's Daily newspaper cited the opinion of the Chinese economist Shi Tszyansyunya, calling for" diversification of monetary and financial system and just financial order that will not depend on the United States. "
American financier George Soros in Die Welt on 14 October 2008 predicted a relative weakening of the economy and the decline of the U.S. and China's rise: "<...> While we have accumulated debts, they save and amassed wealth. Chinese after some time will belong to the majority of the world, as they turn their dollar reserves and deposits in the U.S. in real assets. This will change the balance of forces. The shift of power toward Asia will happen as a result of America for the past 25 years of sins. ".
"Novaya Gazeta" October 15, 2008, referring to the joint actions of the EU countries to improve the health of the financial system, writes: "For the EU's crisis has made that could not be done for ten years the euro single currency: the EU intends to proceed with the formation of the present economic EU governments in which the state would work hand in hand with the European Central Bank. "
In an interview with the Russian magazine The New Times on November 18, 2008 Professor of International Political Economy at Johns Hopkins University philosopher Francis Fukuyama has said: "<...> is not the end of capitalism. I think this is the end of "Reaganism". Reagan had a few ideas, one of which was to cut taxes, but keep spending at the same level: it was believed that this would lead to economic growth. And lead, but it also gave rise to many problems. Another idea was to deregulation, including deregulation of financial markets. And this is where they hid the biggest mistake, these ideas should be radically revised. It is now in the American political system have made it possible to consider new ways and new ideas. <...> In the past two months, when the unfolding crisis, the dollar actually strengthened. Why? Because of deteriorating conditions in the economies of many countries, investors nevertheless believe that the United States best preserve their savings. I think that the likelihood that the U.S. would lose the position of world economic leader, is very small. "