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The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G-8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.

As it prepares to host the 2008 Olympics, China's authoritarian development model, which has sustained high growth for two decades, is entering a fragile new stage. Tainted toys and other products have made the American consumers on whom China relies wary even as the debt-and-deficit ridden American economy relies on China's massive foreign reserves to keep going. In the meantime, China's aggressive search for raw materials in Africa is causing a backlash while its cyberspying probes into Western defense systems are reviving Cold War-like tensions. The US treasury secretary, a top China expert and former intelligence officials offer their views.