emerging economies is mainly driven by technology advancement and structural
reform (Chen 2010). The primary cause of business cycles and changing world order is technology wavelets. Market psychology and monetary movements only play secondary role in feedback dynamics. This is our lesson from the Great Recession in 2008, which is greatly different from the Great Depression in 1930s. The common limits among Keynes, Hayek, and Friedman were their ignorance of global competition and shifting power balance under technology revolution.