The economic crisis that currently grips the world will have many consequences, not least for the US. A decade ago during the East Asian crisis, the US lectured East Asian elites on the shortcomings of ‘crony capitalism’ and close business relationships. Such claims look bizarrely anachronistic as the US government finds itself having to nationalise or bail-out large chunks of the domestic economy brought low by an inadequately regulated, predatory, but politically-influential financial sector. It is not just that the material significance of the US economy will be diminished as a consequence of this crisis, however, so will its ideational influence and authority.
