Two facts struck me:
the picture in much of the developed world is haunted by demography. By 2025 the number of people aged 15-64 is projected to fall by 7% in Germany, 9% in Italy and 14% in Japan.
RHR International, a consultancy, claims that America's 500 biggest companies will lose half their senior managers in the next five years or so, when the next generation of potential leaders has already been decimated by the re-engineering and downsizing of the past few decades. At the top of the civil service the attrition rate will be even higher.
Probably not. As the same article puts it "How can India talk about its IT economy lifting the country out of poverty when 40% of its population cannot read?" India and other pretender economies will be hobbled by their failure to invest in human capital, which can take far longer to accumulate than the physical infrastruture which we are known to lack. In this post, Jane Galt discusses the role of Human Capital in the post-war recoveries of Germany and Japan. In the article mentioned above, the Economist reports
Both India and China are suffering from acute skills shortages at the more sophisticated end of their economies. Wage inflation in Bangalore is close to 20%, and job turnover is double that (“Trespassers will be recruited” reads a sign in one office). The few elite institutions, such as India's Institutes of Technology, cannot meet demand.
Overall, though, I am sure we will see more of the same- at least as far as Economics is concerned. How the decline and aging of the west will affect global politics is a different matter.