The new daily view: U.S. loses its status as economic world power
The World Economic Forum has proved to be an uncanny barometer of global trends. Over the past decade, the United States has been lionized as world leader, economic giant and home of high-tech wizards such as Bill Gates. When the high-tech bubble burst, when deficits rose, when the Iraq war went sour, the shine on the American model dimmed. But, despite widespread dismay over U.S. foreign policy, few here used to question America's role as the world's unipolar power. What a difference a year makes. Davos 2008 has laid bare a world in which no superpower seems to be in charge. The unipolar American moment is deemed over, in part a casualty of the Bush administration's political and economic policies, in larger part the result of global economic changes that are shifting wealth elsewhere.