Will Asia Save Global Capitalism?

Companies of the West collaborated and profited from the rise of Asian economies: The ascent of neoliberalism lifted, then disappointed the West’s middle classes; the rapid rise of the middle class in China, India and elsewhere may give capitalism but a temporary reprieve, argues Pepe Escobar in an essay for Al Jazeera. Global inequities clash with shared aspirations that are unsustainable globally. Escobar refers to Oswald Spengler's 1918 essay “The Decline of the West,” suggesting that no powerful nation can anticipate an indefinite rise. Timid, incompetent leadership and hubris – shown in the invasion of Iraq or reckless accumulation of debt like subprime mortgages – were sure to lead to downturns for both the US and Europe. Struggling developed nations resort to nationalistic, populist and various ideological appeals rather than pursuing global solutions. Even as developing nations search for models of governance, people around the globe still risk their lives for democratic freedoms. With any system of governance or form of capitalism, leaders cannot forgo responsibility and accountability. – YaleGlobal