What did we really learn from the economic crisis?

Source: FT

The height of sentimentality about the financial crisis may have passed with the morbid first anniversary of the collapse of Lehman Brothers, but that does not mean we should stop reflecting on the worst financial calamity of our time.

Of course, the world will never be the same. Yes, new economic powers have emerged and will reshape the global economy. We can say we all “learnt our lesson”. We have heard it all before. But what have we really learnt?

As the saga of platitudes on the financial crisis comes to an end, hard questions now lie on the hands of world leaders. And the number of hands has expanded, with the Group of 20 leading nations set to replace the G7 and G8 as the hub of global economic co-operation. Economic giants, such as China, India and Brazil, will now have a voice in shaping world finance. This, of course, illustrates that decentralisation of economic power in the new world order is an unstoppable development, which may prove to be a positive one if the newcomers behave as responsible stakeholders.

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