We have, in previous analyses, rejected the "de-coupling" thesis. This theory, as we all know, maintains that rapidly growing "emerging" economies in Asia, the Middle East, and in sundry other oil exporting countries (read: Russia, Nigeria, Venezuela, etc) have separated from their erstwhile dependency on the American economy. Just as it was said in nineteenth century Europe: "Europe catches pneumonia when France sneezes" (a reference to POLITICAL turbulence, not economic), so it was justly held for quite a few decades that, in the economic realm, when the U.S. economy slowed or the financial system experienced distress, the rest of the world inevitably suffered greatly.
Register for an account now