[eBook]Asia's Transformation: From Economic Globalization to Regionalization (Significance of the Global Financial Crisis)

The cocktail of capitalism, globalization and technology has turned toxic, causing disruptions and cracks in the global economy and societal structures. Economic globalization is being replaced by a mixture of globalization, regionalization and economic nationalism. Neither the United States nor China will in the mid-2030s possess the strength to be a global leader. Power will mainly rotate around a regional axis instead of globally. The existing political systems and institutions governing the global system see their primogeniture challenged. Social networks open the door to communication for literally everybody; while they link the world to a degree never seen before, they also divide people according to cultural norms and values. The large data companies possess enormous power that threatens both national governments and the global political and economic infrastructure.