Economists long have warned that the world economy could not fly forever on the single engine of American demand. A one-engine plane is more likely to crash.
With its housing market blighted and its consumers growing fearful, America now faces a mounting risk of recession. The good news, however, is that the world has found some powerful new engines in China and other emerging economies. Even as credit markets seize up, a world economy that is less dependent on the United States is more likely to stay aloft.
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