A Study of the transfiguration of economic globalization under the impacts of the current global financial crisis: with a special focus on the U.S. and emerging economy relationship.

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This research has clarified the following three major aspects of the crisis-induced transformation of the global economy. First, the current global financial crisis is the crisis of the US centered "global Economic Growth Nexus" itself which cause the major transformation of economic globalization. Second, whereas the crisis has even accelerated a continuing trend of a "Power Shift" toward the emerging economies in the global economy, the impact of the crisis has caused a diversification of the economic growth strategies among the emerging economies: the "regional powers" such as China, India and Brazil toward more domestic oriented growth; "peripheral" countries in Southeast Asia and Latin America toward more regional economic integration. Third, the U.S., EU and Japan as well as the emerging "regional powers," facing major difficulties to shift to their domestic economic growth nexus in behalf of the malfunctioned "Global Economic Growth Nexus," are trying to strengthen their s to access to those regional economic integrations.