History may judge that 2011 was the year when the 21st century really began. Back in 2000, continuity seemed assured, with the US consolidating power and primacy. One decade on, the changes have the potential to upend the global balance.
The financial crisis that began in the West in late 2008 is entering a second and more dangerous phase. The euro zone has revealed not only sovereign financial problems but also the difficulties in exercising collective leadership.
The United States is not in acute crisis and its economy showed better demand in the last quarter of 2011. And everyone agrees something needs to be done. Yet Washington is gridlocked - witness the failure to agree on ways to cut the budget deficit. From very different ends of the American spectrum, the 'tea party' revolution and the Occupy Wall Street movement are evidence of a well of restiveness.
Across the Middle East, the Arab spring has turned into a longer season of uncertainty. Some celebrated Muammar Gaddafi's end and are calling for a resolution in Syria. But, beyond old autocracies, the emerging concern is who will govern next, and how. With the landslide win for Islamist parties, Egypt's December poll brings that question into sharp focus.
How has Asia coped? Growth continued for much of last year. Some commentators have predicted that this is the time when the region will soon catch up with and then surpass the West. The reality is more complex.
Asia has not been unaffected by troubles elsewhere. Markets are in tumult, and economic growth rates across the region have been shaved. Prospects for 2012 are mixed, even for those like China and India with large domestic markets, let alone the smaller economies.
Politically, there is no Asian spring. But governments across the region have had to deal with new expectations from citizens. In the erstwhile pariah state of Myanmar, the newly installed government has freed political prisoners and will allow long-detained Aung San Suu Kyi to contest elections. Thailand, Malaysia and Singapore have also seen changes that make for greater participation and more complex politics.