GROWTH OF AUTOMOBILES AND OIL INDUSTRY

The Ford and General Motors have announced 60,000 job cuts. This may be more than production moving south; it could be a sign of a world where the economic geography is changing.

Since the dawn of the industrial revolution 250 years ago, the global economy has been dominated by Western Europe and North America. If the 19th century was Britain’s the 20th century was America’s. When Valery Giscard d’Estaing first convened a meeting of the great powers in 1974 to discuss the impact of a five-fold increase in the price of oil, it was dominated by the old order. The G7, as it eventually became, comprised Britain, Germany, France, and Italy


…The Bric economies