The first global economy ended in fire and destruction with World War One. A new global economy was born with the fall of the Berlin Wall. Key features included the explosive growth of private capital flows, the Washington Consensus, and the IMF as crisis manager.

A new, new global economy may now be emerging from the rubble of the subprime crisis. To date, key features include the explosive growth of state-controlled capital flows, the Beijing consensus, and emerging market-led bailouts of Wall Street.

In the latest in our Wednesday Lunch at Lowy series, Mark Thirlwell, Director of the Institute's International Economy program, described how the international economic order hasn't turned out quite the way the West thought it would.

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