The growth and catching-up of the emerging world is exactly what we wanted after World War Two. It calls for us to adapt permanently, perhaps more rapidly than we would like. One of the impacts of the rise of emerging economies is the strain it puts on resources.
This is also going to put a lot of strain on central bankers: how should central bankers respond via monetary policy to what could be a secular long-term increase in the price of raw materials? Globalisation is a Janus with a double face. You have on the one hand this formidable challenge of volatile oil and commodities prices.