Globalisation is quietly rewriting economic rules

Washington

GLOBALISATION lives. A fascinating but little-noted aspect of the recent financial turmoil is how much it's been an international event. It started with doubts about China's economy, symbolised by a tumbling stock market and a surprise devaluation of the renminbi. But the worry quickly spread to all major stock markets, along with a growing unease that the global economy suddenly faced new - though not well-defined - perils.

Some connections between China and the wider world are apparent. As I argued last week, one is commodities - the minerals, grains and fuels that China consumes in prodigious quantities. China's needs dominate these markets.