The Australian, 9 Oct 2008, Bernard Salt
"Almost two decades after the collapse of the Soviet's socialist republic came the collapse the financial system that underpinned the free market. The resultant state bailout of financial institutions propelled free market economies towards a more restrained version of capitalism. And there you had the beginnings of the Great Convergence: the Soviets (and the Chinese) turned to capitalism in the 1990s; the Americans effectively nationalised their financial system a decade later.
Whereas in the 20th century capitalism's HQ was Wall Street, this role was shared with London after 2001. A decade later it was almost as if the finance-raising capability of New York and London City had been atomised. New centres of world finance emerged simultaneously to buttress the old in cities far removed from the Atlantic nexus, such as Hong Kong, Singapore, Shanghai and Dubai."
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