Philip Stephens, Financial TImes | October 24, 2008
Financial turmoil has provoked leading nations to recognize the need for economic cooperation, yet fierce nationalism has reared its head amid the calls for global unity. ++ "Economics and finance may be global, but politics is still local." ++ Western nations seek to retain power in the world system and emerging nations do not wish to yield their sovereignty. ++ Ideally the next US president would forgo G7 meetings and appear where it counts: the G20. ++ World leaders must recognize the threat nationalism poses to global cooperation.