Singapore set to be centre of new world order in 2050

Singapore set to be centre of new world order in 2050: The Americans and their allies won WWII and immediately set about dominating the global economy with a free market that produced consumer goods such as motor vehicles for a rising middle class. The only credible competitor to the West was the USSR, but this system collapsed in 1989, allowing former Soviet states to embrace free market economies. The undisputed headquarters of global capitalism during the late 20th century was Wall Street; it accommodated institutions that had the capacity to raise vast amounts of capital. But the primacy of New York at the world's financial centre was challenged by London around the turn of the 21st century following two distinct developments.