The clear and present danger of inequality
Andrew Sheng says the problem is that politicians have seemingly lost the art of compromise
Next month marks the 70th anniversary of the Bretton Woods Conference held in 1944, in preparation for the post-war global financial architecture. This month marked the 70th anniversary of the Allied invasion of Normandy that eventually ended the second world war in Europe.
The war in Asia ended only after the US dropped two atomic bombs on Japan.
Both turning points confirmed the rise of the US as the dominant economic and military power, centred on the US dollar as the primary reserve currency.
Much has changed since 1944 - not least the emergence of the European Union, the collapse of the Soviet Union and, of course, the recent rise of the emerging markets, notably China, India, Southeast Asia, Brazil, Turkey, Saudi Arabia and South Africa.
Five mega trends account for the major shift in geopolitics - demographics, economic rebalancing, technology, "financialisation" and climate change.
First, the world population has more than tripled, from about 2 billion in 1944 to 7.3 billion this year and is forecast to rise further. The advanced economies are ageing very fast, whereas populations in emerging markets are growing.