The New Economic Order
Past President of the Canadian International Council (CIC).
Earlier this month, we had the privilege of hosting Christine Lagarde on the occasion of the 2012 Globalist of the Year Gala dinner in Toronto. In her keynote speech, Mme. Lagarde discussed the economic crisis, underlining the susceptibility of domestic economies to slowdowns in other national jurisdictions. The growth trajectories of advanced economies are now just as dependent on those of emerging economies – if not more so – as the latter traditionally have been on the former.
This weekend’s CIGI conference, ‘5 Years After the Fall’, will focus on the future of a post-crisis economic system, where leadership is shifting from the advanced to the emerging economies, particularly from the U.S. to China. Chinese economic growth (but not in all sectors) is slowing faster than expected, however. The end of double-digit economic growth will have far-reaching effects on Chinese leadership and Chinese society, and could impact China’s capacity to fill global governance gaps created by the economic crisis. Carlton University’s Jeremy Paltiel, in a fascinating article for OpenCanada.org and the Asia Pacific Foundation, analyzes some of the challenges the economic slowdown presents to the ‘fifth generation’ of Chinese leaders. The CIC also recently hosted a conversation on the Communist Party’s leadership transition.
Beyond China, the CIGI conference will address the challenge of decreasing cooperation among states in the midst of the slowdown, and a corresponding decline in the capacity of any one state to lead. CIGI will be broadcasting sessions from the conference via webcast, which will feature some of the world’s leading experts on global finance in discussions on the legacy of the financial crisis.