We have all heard the push for global economy for years now. In theory it's as excellent as Marx's Communist Manifesto, in that, in theory and ideology it works like clockwork, however in reality it is quite the opposite. Just as communism's staying power was very dismal, so was that of global economies.
Having a global economy is a very romantic idea that comes with a dangerous set of consequences. Present day economic woes are the direct result of global economics.
If there is one thing that one can learn from a good string of pearls is that they should never be strung up together next to one another, because when the string breaks, they all fall one after the other just as they are today. Hence a global recession/depression.
If the economies were kept autonomous, yet linked to a certain degree, then if one falls the rest remain standing, just like a good strand of pearls that are strung together with a tiny knot in between each bead.
If this strategy were used we would not be suffering the losses on our portfolios and stocks as we are today. We would not be sitting facing bail out after bail out that promises nothing other than future debt for generations.