Peter F. Drucker is almost the only economist I like to read, and that is because, of course, he isnt an economist. In this essay for The National Interest, Drucker maintains that the U.S. is no longer the worlds single dominant economy.
The emerging world economy is a pluralist one, with a substantial number of economic "blocs." Eventually there may be six or seven blocs, of which the U.S.-dominated NAFTA is likely to be only one, coexisting and competing with the European Union (EU), MERCOSUR in Latin America, ASEAN in the Far East, and nation-states that are blocs by themselves, China and India. These blocs are neither "free trade" nor "protectionist", but both at the same time.
Even more novel is that what is emerging is not one but four world economies: a world economy of information; of money; of multinationals (one no longer dominated by American enterprises); and a mercantilist world economy of goods, services and trade. These world economies overlap and interact with one another. But each is distinct with different members, a different scope, different values and different institutions.
While almost everything he says can be argued with I bet, it is an interesting and thoughtful piece. His understanding of the EU and its policies, and his warning about how they are exporting their regulations, I found especially interesting. Also note his emphasis on the U.S. deficit.
Im glad the old guy is still alive and thinking!