Conventional wisdom tells us that a new star will rise in the East, and all eyes have been looking towards China or India as the 21st century’s new superpower. But remarkable as their recent economic growth may have been, the institutional frailty of both nations raises questions about long-term sustainability. Meanwhile the economies of South America have also been transforming themselves quietly and less flashily, unburdened by the dead weight of caste politics or communism. And it’s not just Brazil that catches the eye: at 9.8 percent Peru's growth rate last year was one of the world’s fastest. So perhaps we should all do an about-turn.In this debate from March 2011, Senior Lecturer in Law at Birkbeck College Oscar Guardiola-Rivera, Brazilian Ambassador to the UK HE Roberto Jaguaribe, and Director of the Global Governance Initiative Parag Khanna spoke in favour of the motion.Speaking against the motion were former Economist editor Bill Emmott, Professor of the History and Politics of Modern China at Oxford University Rana Mitter, and the FT's chief foreign affairs commentator Gideon Rachman.