Heraclitus, the ancient Greek philosopher of change, is said to have taught that one cannot step in the same river twice. So too it seems that the international political economy is always in a state of flux; becoming never being. The synchronized global upturn appears to be giving way to renewed divergence. It is hardly surprising that the US is expanding at a robust pace given fiscal stimulus, spending increases, and deregulation that has been pursued. What may have been less expected is the sharp slowdown in Japan and Europe this year.
The likely upward