In accepting his Globalist of the Year award from the Canadian International Council Monday evening, billionaire and far-left political activist George Soros announced that China's grip on the global economy is getting tighter and compared the United States' recent economic woes to the decline of the United Kingdom following World War II.
Because global economic power is shifting, Soros says China will need to change focus. “China has risen very rapidly by looking out for its own interests,” he said. “They have now got to accept responsibility for world order and the interests of other people as well," The Globe and Mail reports.
"[The Chinese] have now got to accept responsibility for world order and the interests of other people as well," he said. "Today, China has not only a more vigorous economy, but actually a better functioning government than the United States," he said, condemning political gridlock on Capitol Hill for stalling U.S. economic reforms.
Looking forward, Mr. Soros said global governance is a pressing concern, but it is hard to implement. “Whereas globalization and deregulation spread like a virus, regulation is extremely difficult to achieve on an international scale,” he said.
“The world order as we know it is turning into disorder,” he added. At first “the G20 looked like the new central area of cooperation, and it actually did perform at the initial conference,” he said, “but ever since then opinions have been pulling it apart and in Seoul I think that process was taken a step further.”
Soros' recently opened Institute for New Economic Thinking based in Cambridge, England, is just one of many ways the billionaire is spreading his own brand of economic thought.