In this beautifully crafted essay, Micklethwait and Wooldridge explain how we ended up in this mess and explore the possible routes out. If Western governments respond creatively to the crisis, they will have a chance of reversing decades of decline; if they dither and delay while Asia continues to improve, the prospect of a new Eastern-dominated world order will increase. The big question facing the world is whether the West can rise to the challenge as it has before.