Foreign Affairs LIVE: A Discussion of the Global Financial Crisis
Watch experts debate causes of the financial crisis and what needs to happen for the global financial markets to recover.
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Nixon was not the only one who went to China; Ronald McDonald is there now, too. McDonald's triumphed -- in a cultural zone where many adults think fried beef patties taste bizarre -- by catering to China's pampered only children, the so-called little emperors and empresses. The "Golden Arches" have become part of the landscape of Beijing and Hong Kong. But is McDonald's trampling local culture in the name of a bland, homogeneous world order? Not really. Global capitalism pushes one way, and local consumers push right back. Herewith, a parable of globalization.
Forecasts the emergence of an international order based on 'civilian powers', defined as states dependent on economic co-operation, supra-national structures, and primarily economic (rather than military) means of defending the national interest. A discussion of the potential of the FRG and Japan as such powers.
The recent G-20 meeting in Toronto ended with the world's largest economies promising to cut deficit spending. But such a course is unwise and unlikely to lead to growth -- it is time for finance ministers to take on the speculators who are calling for retrenchment.

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