Long piece (8 pages) called "Waving Goodby to Hegemony" in Sunday's NY Times. It is on the changing global geopolitical situation. The basic premise is the world is no longer dominated by the US and that there is now a geopolitical "Big Three." Key quote:
So now, rather than bestriding the globe, we (the US) are competing — and losing — in a geopolitical marketplace alongside the world’s other superpowers: the European Union and China. This is geopolitics in the 21st century: the new Big Three.
While the focus of the article is on geopolitics, the same forces are impacting global economics. The US share of global GNP continues to fall as other economies grow. This is leading to huge increases in global trade. One quote I really like from the article:
"Globalization apologizes to no one; we must stay on top of it or become its victim."
For US small businesses the growth of the rest of the world is creating many new export opportunities. Our next forecast report will cover this in more detail.