It occurred to me yesterday that we appear to be seeing the beginnings of a shift in global power (if I wanted to be dramatic I could call it “the end of the ‘American Century’ “, although technically it’s more a beginning of a “Developing World Century”), more or less right on schedule. The following items have caught my attention in the last week or so, and together I think they paint an interesting picture:
- A proposed shift in voting power at the IMF towards China and other developing economies.
- Related to this, the apparent coming shift in power from the G8 to the G20, which was initially set up to allow the G8 to consult with developing countries and now seems poised to replace the G8 as a primary decision-making body. There are actually three or four news stories here, all of them adding color to the picture. (There are, of course, opposing views.)
- Comments by the president of the World Bank (and other, related news stories over the last year or so) regarding the lessening value of the US dollar as the world’s default reserve currency.
- The end of a fair chunk of US government oversight of ICANN, the group that administers the Internet domain system, in favor of international governance.
What about you? What news stories have you seen that add to (or take away from) this developing picture?