The continuation of global economic restructuring
in the wake of the current economic
crisis has presented a number of challenges
for India as the country attempts to maintain
a competitive global presence through continued
prosperity. As Richard Florida (2010)
points out, global economic crises have a way
of upending the existing geopolitical order,
hastening the fall of established powers and
encouraging the rise of new ones. For example,
it was only after the collapse of the European
economy in the years following WWII that
the U.S. dollar came to dominate international
financial and monetary markets; the European
monetary crisis in 1992 led to the establishment
oftheEuropeanEconomic and Monetary Union
(EEMU), and introduction of the Euro; and the
Asian financial crisis in 1997 gave rise to the
Association of Southeast Asian Nations (ASEAN).
As the global economy begins to recover
from the current financial crisis, opportunities
exist for new economic powers to emerge that
will reshape current global hierarchies and
political-economic relationships.