Mirtchev, A. (2008, October 10). Global Economic Security Imbalance – Still inherent in recovery strategies of the leading economies. The Washington Post.
Dr. Alexander Mirtchev assesses the effects of the “bailouts” in the U.S. and other developed economies on the policy choices that rapidly developing economies could undertake to tackle the economic problems caused by the global financial crisis. He emphasizes that these developing economies have been responsible for the highest proportion of global economic growth in the last few years and therefore, how they respond to the state intervention approaches by major economic powers may cause unanticipated repercussions. It should be understood that the steps taken by specific countries to alleviate the crisis are likely to have a global impact and result in market distortions that could offset the positive effect of government intervention. Realistically, all countries are faced with the same problems; however, some, if well led, are positioned to better cope with the crisis. Those that have implemented free market reforms and have taken the necessary steps to positively engage in the global economy will likely manage the crisis more effectively and be positioned to make the most of their competitive advantages and secure future economic growth.