Editor's Note: Parag Khanna is a senior research fellow at the New America Foundation, visiting senior fellow at the European Council on Foreign Relations, and author of The Second World and How to Run the World. David Skilling is founding director at Landfall Strategy Group, a Singapore-based advisory firm.
By Parag Khanna and David Skilling – Special to CNN
In the current phase of globalization, financial, ecological, political and social crises are occurring simultaneously and magnifying each other in unpredictable ways. From the Fukushima nuclear meltdown reshaping German politics and the European power industry, to America’s sub-prime mortgage meltdown threatening the Eurozone, such chain reactions are undermining an already fragile stability.
Large countries and blocs such as the U.S., China and the EU, and new groupings like the G-20 and the BRICS, are grappling with this unprecedented combination of structural challenges and black swans. But there is little evidence of real progress. Coordinated financial regulation remains a chimera, and domestic pressures are fueling the risk of protectionist measures and immigration barriers. The failures of the WTO’s Doha Round and the Copenhagen climate change talks are further evidence of the difficulties in making collective progress on global issues. FULL POST