Zakaria on the financial crisis and "the rise of the rest"

Fareed Zakaria on Newsweek.
According to Zakaria, the financial crisis has not led to the political turmoil of the 1930s because of three factors:
-the spread of great-power peace: by historical standards, tensions between the great powers of the 21st century are very low, and everyone has a stake in the current international system
-"the victory over the cancer of inflation": governments and central banks have learned how to avoid high levels of inflation. Monetary stability in turns lets people plan for the future, a factor which reinforces the stability of the system
-global connectivity: a shared system of knowledge thanks to instantenuous communications across continents.
Another factor to take into account, which was also pointed out by Professor Cox at LSE this summer, is the absence of any alternative to the capitalist system (cf Fukuyama and his "End of History" argument).
Furthermore, FZ notes how the students have fared better than the teachers: the rising countries have suffered less from this crisis than the more advanced (?) ones in the West. There is now a strong domestic demand in these countries.

A recent book by FZ on these matters is The Post-American World, a very interesting book Professor Cox advised us to read at LSE Summer School this summer

(I wrote a paper which partly focuses on these matters a few months ago)