Mr. Geithner is certainly right that China needs to adjust its export-dependent growth model, which has struggled amid the decline of global demand.

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However, most of Europe uses a point-to-point, time-dependent fee model.

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For more than a decade, the world has operated under an economic model in which most of the world under-consumed while becoming dangerously dependent on exporting to a gluttonous, debt-ridden American consumer.

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Gone is the low value-added export model, and in its place is an economy increasingly dependent on its own people and their consumption.

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This makes the model unduly dependent on foreign aid, a common complaint of Africans about many Western-inspired development projects.

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However, this model is dependent on limited donor funding and may be difficult to sustain in the long-run.

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