Morgan Stanley Chief Economist Stephen Roach takes aim at Tom Friedman’s catch-phrase theory, arguing that the world economy, far from being flat, is really characterized by disparities and tension.
Globalization may well be win-win in the long run — but in the here and now, it is profoundly asymmetrical…
Clearly, the Chinese producer on the supply side and the American consumer on the demand side are the two major engines of the world economy. In a flat world, these two engines would be working together in near perfect harmony.
In today’s world, however, they are like passing ships in the night — cruising full speed ahead on their own journeys in increasingly choppy seas. Globalization at this point in time is far more about disparities between nations than the assimilation of a flat world.
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