In only five years, the eruption of China and India on to the world scene has completely changed the world economic picture. But this new world does not appear to have either real or financial long-run equilibrium. A neverending US foreign deficit and debt accumulation is increasingly financed by China's savings. Several alternative economic policies are tested to seek a way towards high growth in any continent of the world associated with long-run financial equilibrium, so that golbalization can become a positive opportunity for everyone. The major source of world disequilibrium seems to lie in China, who entered the world trade system but remained outside the world financial institutions, kept its currency pegged and devalued with the dollar without allowing it to be determined by markets. But the true root of global disequilibrium lies with the fact that a new world cannot be managed by an old governance. A new world governance and a deep adjustment in international institutions are urgently needed to avoid the prospect of a world crash and to make globalization a road to high, balanced growth for everyone.
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