Before the current international economic crisis, Asian policymakers deferred to their Western counterparts. The enormous blunders since committed by the US and Europe mean deference has been replaced by disquiet. Asia's concern is that the world will soon come to grief if both the US and Europe...

Existing theories make divergent predictions about the impact of new powers on the global political economy. Some argue that a more even distribution of power will erode international cooperation, while others argue that cooperation can continue with the help of international institutions to...