Market’s tryst with reality
It was an unusually warm winter in the European continent in 1989. The western pacific was unusually warm due to El Nino conditions. Demolition of the Berlin Wall had just started. Under these settings the US President George Herbert Walker Bush and USSR General Secretary Mikhail Sergeyevich Gorbachev met at Malta, an archipelago in the central Mediterranean between Sicily and the North African coast, to discuss the end of the Cold War. The summit marked a watershed in the East West relationship. The summit was followed by formal end of cold war, completion of nuclear disarmament in pursuance of INF Treaty (1987) and dissolution of USSR in 1990-91. The apparition of the Second World War was finally liberated. The world looked forward to an era of peace, cooperation and progress ahead. The two decades that followed 1990 would see unprecedented growth in global economics. Global trade and commerce flourished. The highest number of people got elevated from poverty in the third worl...