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Article: Capitalism's third century; A triumph of the unplanned over the directed.(COMMENTARY)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- November 1, 2009
CopyrightCOPYRIGHT 2009 The Washington Times LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: J.T. Young, SPECIAL TO THE WASHINGTON TIMES
To many, the economic torch already has passed from old to new. They see today's emerging markets as tomorrow's international economic engines. What Britain was to the 19th century and America to the 20th, China will be to the 21st. Such a perspective sees the trees only to miss the forest. What is dawning is not another country's century, but capitalism's third.
The recent Group of 20 meeting of the world's 20 most significant economies was a testament to the last half century's economic growth. Fifty years ago, America was the world's lone economic superpower. Just 30 years ago, Japan was breaking the ...