May 17, 2012
Losing Control: The Transatlantic Partnership, the Developing Nations, and the Next Phase of Globalization
The world no longer beats to the tune of the United States. The transatlantic-centric global economy of the past three decades is being reshaped. New economic powers are on the ascent — lead by nations like China, India, Brazil, and Turkey — with these emerging players less inclined to strictly follow the global rules laid out by the United States and the West. The developing nations, or “the Rest,” have their own ideas about how the global economy should be managed, and are in very strong position vis-a-vis the West to have more sway when it comes to issues of global governance. The relative economic decline of the developed nations and the rising influence of the emerging markets in general and China in particular were fast-forwarded by the crisis and have, in turn, accelerated the move toward a less U.S.-centric, more multi-polar world. While the global economy has recovered from the crisis, we are not going back to “business as usual.”
In this timely session Joe Quinlan presented his Transatlantic Academy Paper: “Losing Control: The Transatlantic Partnership, the Developing Nations, and the Next Phase of Globalization.” Kati Suominen, GMF Transatlantic Fellow provided commentary, and Steffen Kern, Transatlantic Academy Helmut Schmidt Fellow, moderated.
Bios:
Joe Quinlan is the managing director and chief market strategist at U.S. Trust — Bank of America Private Wealth Management. He will be in residence from December 6-February 1. His research is frequently cited in such media venues as Barron’s, The Wall Street Journal, The New York Times and the Financial Times. With nearly 20 years of financial services experience, Mr. Quinlan most recently served as a senior global economist/strategist for Morgan Stanley. He started his career with Merrill Lynch. He lectures on finance and global economics at New York University, where he has been a faculty member since 1992.
Kati Suominen is a Resident Fellow in Economics at the German Marshall Fund and American Assembly’s Next Generation Fellow. From 2004-10, she served as Trade Economist at the Inter-American Development Bank. She has published seven books on international trade and economics, most recently Globalization at Risk: Challenges to Finance and Trade (Yale University Press 2010, with Gary Hufbauer), and is currently finalizing Peerless and Periled: The Future of America's World Economic Order (Stanford University Press, forthcoming in 2011).
Steffen Kern is the Director for International Financial Market Policy at Deutsche Bank, focusing on international financial market integration and cross-border regulatory convergence between the EU, the US and with countries in Asia and Latin America. Mr. Kern is a member of various official and industry advisory groups on international financial market regulation, and has published widely on the related issues. Prior to his current position he served as executive assistant to the CEO of Deutsche Bank Group, following eight years as senior economist for European financial market policy and integration.
