There is considerable room for improvement in the leadership of the global economic system, which remains marked by the hubris of overconsumption (especially by Western economies), unfair globalization, and under-regulation of major banks.Looking first at hyper-consumption, the personal expenditures of Americans account for about 68 percent of the nation’s GDP, which is up to 10 percentage points higher than in most other developed countries and a full 30 points higher than in China.
