F.-P. van der Putten: China is in the process of displacing Europe as the second most influential actor in international affairs. As a result the international appeal of political and economic liberalism is diminishing. This process affects Europe and weakens the global standing of the United States.
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Two decades after the fall of the Berlin Wall, with many former communist as well as capitalist states in crisis, capitalism needs to be reinvented. ++ The failure does not lie with the system, but with “defects in the world’s financial and monetary system.” ++ Though big efforts have been made to rescue the crisis-hit countries, further reform and substantial rebalancing of global demand
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