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The world economy is picking up, but recovery is slow in the old powers and accelerated in the new. The product in Europe and America is expected to rise to 1-2% this year, barely the century-old rate of their development. But it is predicted that growth in the new powers will be three times as much, around 6%, with China even reaching 10%, thus causing fears of other Shanghai Stock Exchange bubbles. It is clear that tension has in no wise vanished. On the Atlantic front the Euro is under attack: the Greek crisis has given the London and New York finance markets the opportunity to laungh their offensive. The France-German axis is reacting by planning an economic government for the Union . On the Pacific front, relations between America and China have worsened. Washington is struggling to size up a newly assertive Beijing ; decline is making it weaker, but there are no glimmers of a politically acceptable withdrawal. These are the new power relationship
sanctioned by the crisis; new imbalances are inevitably building up.
- From a recent Marxist leaflet given to attendees of a conference.
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