A Luncheon Presentation by STEPHEN D. KING, Global Head of Economics, HSBC

As the economic giants of Asia and elsewhere have awakened, Western leaders have increasingly struggled to maintain economic stability. The tide of money washing in from emerging nations has already fuelled the recent property bubble in the West, while new patterns of trade have left the West increasingly dependent on risky financial services. What is likely to happen in the decades ahead? Will there be a major redistribution of wealth and power across the globe that will force consumers in the US and Europe to stop living beyond their means? With the increasing power of emerging markets, will there be greater financial instability and income inequality?

Based in London, Stephen D. King is HSBC's group chief economist and the bank's global head of economics and asset allocation research. He is directly responsible for HSBC's global economic coverage and co-ordinates the research of HSBC economists all over the world. King writes a weekly column for The Independent, a leading UK newspaper, and has also given written and oral evidence to Parliament on the economic effects of globalization and UK monetary policy. His first book, Losing Control, published this year, examines the impact of the emerging nations on western economic prosperity. King studied economics and philosophy at Oxford University. Book sale after program.

Moderated by Mary Kissel, Editorial Page Editor, The Wall Street Journal Asia.