A year after the fall of Lehman Brothers, Nicolas Bavarez analyzes the deep causes of the globalization crisis that marked the beginning of the 21st century. We have pulled through recession, but the major transformation of capitalism underlying the 2008 crash is only just beginning. Three possible scenarios present themselves: the progressive emergence of a governance of world capitalism; the blocking of globalization by trade and currency wars; the restructuring of the economic system around major regional hubs, combining competition and cooperation.
(Perrin, 2009)