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The world has entered the “super capitalism” era when one third of its economic activities are controlled by less than 3 percent of global financial capital. This year,a global economic recession,triggered by the U.S. subprime mortgage crisis,seems unavoidable. To tackle international financial problems,Tao Dong,Chief Economist for Asia at Credit Suisse First Boston in Hong Kong,shared his insights with China Business Journal. Excerpts follow.
The world has entered the “super capitalism” era when one third of its economic activities are controlled by less than 3 percent of global financial capital. This year, a global economic recession, triggered by the US subprime mortgage crisis, seems unavoidable. To tackle international financial problems, Tao Dong, Chief Economist for Asia at Credit Suisse First Boston in Hong Kong, shared his insights with China Business Journal. Excerpts follow.