Posted by: Lister | January 3, 2009

Recognition Lag

Leon Hadar:

Economists refer to Recognition lag when they discuss the time lag between when an actual economic shock, such as sudden boom or bust occurs, and when it is recognized by economists, central bankers and the government.

[…] Interestingly enough, in a foreign policy seminar I led a while ago I asked my students to conduct a content analysis of how the leading powers were covered by the major international dailies in the aftermath of WWII. They were astonished to discover that until the mid 1950’s both Great Britain and France (by then bankrupted economic and military powers) were described as “great powers” more times than the U.S. and the Soviet Union. Only in the late 1950’s was “great” being dropped as an adjective when discussing the Brits and the French and “super” was applied to the Americans and the Soviets. A example of recognition lag in foreign policy.

I certainly don’t believe that the U.S. occupies now the same position that Britain and France did after WWII. But America ceased to be the only-remaining-superpower or the Leader of the Free World.

(Via UO).

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