The shortfall in the economic results of Western industrial economies compared to forecasts highlight repeated no shows of their plans. However, the follow up by the leaderships appear to be driven mainly by political issues. Therefore, no wonder that expectations become as much mirage as their wild west chasing of ghosts that they know less about than they claim.
This is happening at a time when world prosperity depends on closer sustainable economic development between industrialized and developed countries, hopefully without neglect of contributions by developing economies. More than at any other time, plans of Japanese car manufactures are influenced by decisions of motorists in the United States, where laws and regulations influence toys manufactures in Indonesia, Hong Kong or Taiwan and the performance of the US economy may not be achieved without the return of foreign funds, especially from Europe with its accompanying know-how that the US may not be able to do without to improve its worldly economic, political and military dominances.
Furthermore the European Renewal of converting the (parts) into European Union badly need the help and support of the US, although it can hardly be given on the scale required. All the US economic indicators speak adversely for themselves and the IMF is not at ease when the deficit is approaching 4 percent of GNP. The US deficit exceeds 5 percent and it has detrimental implications on the future of the US dollar.
Western communities as well as Western economic leaders concern themselves with the revival of micro economies rather than macro. Basically concentrating on the Economics of Peter robbing Jack. It is no more so easy to rob developing countries. The only apparent exception is the extra gains multi national corporations are able to achieve in the developing countries, especially when aided with such legal arrangements as WTO. The industrialized countries entered the 21st century with modern ideas on all aspects of life except fair & lovely economic thinking towards developing countries. These countries may have been invited, encouraged or negotiated to join international organizations such as WTO but not permitted declared privileges or facilities. Therefore the realization of complete world economic integration may not yet be real. What is clear, is for the poor economies to remove all barriers to industrial economies and on their terms while the latter keep theirs.
It is high-time for the leadership of the developing countries to wake up and realize the age in which they live. Their economies must provide complimentarity to industrial economies. They also must endeavor to do the same activities differently or create activities of their own. The industrial economies cannot be expected to teach them how to (fish) but sell them attractive perishable comforts as long as they pay. It is high time for developing countries to take the lead so that the developed accept them on equal terms.
