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Jeff Garten, a professor of International Trade at the Yale School of Management covered the Post-Crisis Global Economy. How well did the world's governments do? Here was his "scorecard" of the five "R's":
Jeff did not give the impression the worst was over. Rather, he felt there were still problems ahead, banks are still carrying a lot of bad debt and real estate industry may take a while to recover. He feels the era of a dollar-centric world that started circa 1945 is over, and that the dollar will continue to decline for several decades. Replacing this will be a combination of the Euro, Japanese Yen and Chinese Yuan.
What can we look forward to? There is a definite shift to Asia and other large emerging markets like Brazil. The "Global Commons" like food and energy are under severe stress. Global rules will go under a sort of remission. A resurgence of National governments to protect citizens is underway. Finally, there will be a return of Industrial policy.