Thomas P.M. Barnett ponders the global financial crisis:

Arguably, this is the first great, system-perturbing crisis of globalization, because it truly captures all the main players in a way that previous ones did not.

As always, the question will be: What new rules and rule-setting venues emerge? Because eventually they must. The Asian Flu didn't do it, nor have any of the other more regional shocks since, but eventually you need some entities to emerge to monitor and manage these cross-border financial flows. This gap has been clear for many years, but as long as informal collusion among the largest economies has worked--just well enough--no one's been willing to surrender the power. Maybe this perturbation, then, is really the one.

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