« El Caribe americano | Main | Recoupling »

January 21, 2009

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Hey, I have a mildly related question on something I'd like to see a post about. Back around Q2 of last year when it was pretty clear that the U.S. was heading into recession territory, the conventional wisdom was that the economies of the rest of the world were so super-awesome that they would hardly notice an American recession. I think the term was "decoupling."

Now then, that judgment has turned out to be spectacularly wrong, but my question is why? I mean, one could say that when the American banking system sh*t the bed then it dragged down the rest of the world, but since the governments of the rest of the planet have stepped in to backstop their financial sectors then the problem should be fixed and the unending growth that CW promised should have merrily continued.

So what exactly went wrong? Was the talk of decoupling just some people getting it spectacularly wrong? Was there a normal trough in the business cycle due anyway that folks hadn't noticed? I'm kind of curious.

Good article, I think Brazil and Canada are incomparable (in the economic point of view). We solve completely different economic, social and political problems, we are at completely different level. In some decades, when Brazil will be (?) at the same level, we can compare who did what...
Regards,
Elli

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