Is this recession the great global leveller?

One of the most sobering aspects of the current financial crisis is the way that so many different economies and so many different types of economy have been hit.

China, boasting as it did a double-digit growth rate and vast reserves, looked to be in a commanding position. The US with its creative businesses like Apple, the financial muscle of Wall Street, plus an uncompromising belief in free markets looked equally impressive.

Britain boasted its world-class financial services and Japan its world-class manufacturing coupled with a managed form of capitalism. Germany meanwhile had leading-edge manufacturers, strong financial services and a social system which looked after the poor, the unemployed and the sick.

Surely when the chill winds of recession hit, one of these diverse range of economic models would thrive while the others wilted? In reality, the opposite has happened. All have been sent reeling under the blows, though China does at least look like maintaining some positive economic growth.

In upcoming blog posts I’ll be exploring some of the emerging themes that will characterise the new landscape. But for now – what do you think the future holds for our diverse but interdependent economies?