Story NO.4 concerned the return of the state to a more important role in the international economy.
All threeof the preceding stories indicated a greater prominence for government, suggesting that the long swing toward the market that got underway in the 1980s and intensified during the 1990s had started to move into reverse. The Great convergence and the shift in economic power toward countries like China that allocate a relatively large economic role to the state was part of this story. But it also reflected the consequences of a resource-constrained world-seen in the demand for more policy action on the environment. Similarly, the rethink on globalization has produced a demand in the developed world for either new or extended regulation or protection(ism), or both.
finally, there was one more powerful story to tell about the precrisis world economy. Story No.5 was the story of financial globaliization and the consequent emergence of global financial capitalism. As we now know all too well, this last story has ended in tears. But what does the unhappy ending of this final story mean for the other four? And what does this mean for Asia?
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