Zachary Karabell takes stock:
Outside the United States, the Great Recession wasn’t nearly as great. Unlike prior economic crises, when governments fell and mobs assaulted the centers of power, there has been little political upheaval and almost no violence. In fact, large swaths of the world – China most notably, but followed closely by Brazil and India – emerged with their relative position enhanced as a result of the crisis. China has $2.4 trillion in reserves and a larger share of world trade than before the crisis, and India—by virtue of having an insulated and partly closed financial system – suffered far less and has emerged much stronger. In fact, what is termed the worst crisis since the Great Depression in the United States and Europe is actually the greatest boon since decolonization for much of the rest of the world.
The Dish 