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The G‐20 supplanted the G‐8 as the executive committee of globalization as the emerging and advanced economies came together in the wake of the Wall Street crash to stave off depression. Now, each country is going its own way.In this section we examine whether the G‐20 can be saved, and what the countries within it must do to bring the global economy into balance.

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The "third way" politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party.President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.

In this article five economists who predicted the global economic crises of 2008/2009 discuss vulnerabilities that remain in the financial markets & predict more dire situations for the coming year. The authors examine the financial crises from a global & domestic perspective. C. Goger