Fragile west, resilient east
Dr Gerard Lyons on the shift in power from west to east
"The three words that characterised the last decade were 'made in China'. The three characterising this decade will be 'bought by China'," according to Dr Gerard Lyons, Chief Economist at Standard Chartered, speaking at the first of this year's Dean's Lecture Series at Cass Business School.
In a lecture titled 'Fragile west, resilient east', Dr Lyons argued a shift in the balance of economic and financial power from west to east is already underway. He used the talk to outline what, in his view, is happening to the world economy, the challenges arising from it and the implications for the UK. "People in the west underestimate the pace and scale of change, and catch up potential of countries across the emerging world," he said.
But while the growth of countries such as India and China are creating a new world order, he insists the west won't permanently lose out. "In my view, the west has the ability to do well if it positions itself. The winners will be those with one of the three C's - cash, commodities and creativity."
View the full Dean's Lecture given by Dr Gerard Lyon's.