Contributor(s): Professor Michael Cox, Professor Arne Westad | Niall Ferguson argues that the world is now being shaped more by the emerging economies of the East than by the once dominant West. But within the West another kind of power shift is taking place, one that leads to the growing irrelevance of Europe. Is this true? And does it really matter? Michael Cox is professor of international relations at LSE and codirector of LSE IDEAS. Arne Westad is professor of international history at LSE and co-director of LSE IDEAS. Niall Ferguson is Philippe Roman Chair in History and International Affairs at LSE IDEAS for 2010-11.