Respondents to our web poll last week were overwhelmingly confident that stagnation in the West could be good for the East.
Not everyone is so confident. Stephen Roach, Morgan Stanley’s recently departed Asia chief, wrote an essay in Foreign Policy in July that cautioned against jubilance in the East.
“As tempting as it is to herald the demise of the West and the ascendancy of the East in this post-crisis era, that verdict ... is probably premature,” he wrote. “Developing Asia hasn't done enough. Most importantly, it has failed to wean itself from the export-led growth model that has long defined its economic character.”
The global imbalance that helped to create...
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