Daily O

Lehman crashed. But India, China and later, USA rose from 2008's debris

The global economic crisis of 2008, triggered by the collapse of Lehman Brothers, gave Asia a chance to rise, and let nationalist leaders, including Donald Trump, emerge

Every crisis carries an opportunity, and every opportunity a crisis. When economic crises are delivered on a global scale by irresponsible borrowings by governments or captured regulators turning a blind eye to companies’ misbehaviour, it often leads to unintended consequences.

lehmanThe Night After: The NYSE is shaken by 2008's Lehman Brothers crash. (Photo: Reuters)

On the eve of the 10th anniversary of the fall of Lehman Brothers, a point that triggered what is now known as the global economic crisis of 2008, this essay examines the two big consequences affecting the international political economy, consequences that we are beginning to take for granted — the emergence of three strong economies and the rise of five strongmen.

Since 15 September 2008, when the Lehman Brothers collapsed, and the world spiralled into an economic crisis, three countries have consolidated their position as growth drivers of the world — India and

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