, in order to limit its susceptibility to a large global financial shock? The paper argues that maintaining the status quo …-and-spoke structure of world trade and finance, which has been the source of instability, to a more pluralistic structure. Regional …

industrial revolution towards the end of the eighteenth century, Europe and North America each in turn came to dominate the world … is re-emerging as the world’s biggest element in the world economy. In 1980, Asia produced just under 20 per cent of … almost half of the world output and more than half world trade, with China accounting for half of that. In 2010, Chinaâ …