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Economic tectonics, financial crises & the new Middle East

Tuesday 13 July 2010 - by Dr Nasser Saidi


It would also be desirable to devise new institutional structures as vehicles to remove the barriers and constraints on growth. It is time to launch a Menasa Development and Reconstruction Bank able to finance economic development and intervene in reconstruction hotspots such as Iraq, Pakistan, Palestine, Lebanon, and Sudan and undertake a program to bolster regional infrastructure.

The year 2008 will be a defining moment in post World War II history, marking a watershed for financial markets, marking the end of the American financial empire.

We are challenged to re-design the existing financial architecture which has been in place for nearly a century and the Bretton Woods system. This is a time for bold vision and action.

A new economic geography with a renewed dominance of emerging markets requires a new global financial geography. We are moving away from a unipolar to a polycentric world order.


The West will no longer be the standard or the arbiter of what it means to be modern. Political, social and ethical values, economic and financial orthodoxy, policy recipes, and as a consequence, the moral high ground, will have to be redefined in a new reality. For the foreseeable future we will be dancing to a Chinese tune.

Dr Nasser Saidi is chief economist of Dubai International Financial Centre Authority and executive director of Hawkamah Institute of Corporate Governance.


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