There was a belief in unfettered capital flows in

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Unformatted text preview: ra of globalis ation m irrored our own. There was a belief in unfettered capital flows , in free trade, and in the power of the m arket. It was a tim e of m as s ive incom e inequality and unprecedented m igration. Eventually, though, there was a backlas h, m anifes ted in a s truggle between free traders and protectionis ts , and in ris ing labour m ilitancy. Second, the world is traditionally at its m os t fragile at tim es when the global balance of power is in flux. By the end of the nineteenth century, Britain's role as the hegem onic power was being challenged by the ris e of the United States , Germ any, and Japan while the Ottom an and Haps burg em pires were clearly in rapid decline, Looking ahead from 2005, it is clear that over the next two or three decades , both China and India - which together account for half the world's population - will flex their m us cles . Finally, there is the ques tion of what ris ing oil prices tell us . The em ergence of China and India m eans global dem and for crude is likely to rem ain high at a tim e when expert...
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