The bankruptcy of what was once the greatest company in the world will certainly stand as one of the defining aspects of the so-called Great Recession.

As surely as it marks the decline and fall of a great company, it also marks a great shift in the world economic order.

General Motors has long been criticized for being out of touch with changing consumer demand. Indeed, it often seemed to be directing demand not only through advertising but through its influence in Washington where it worked with its cohorts in the oil, rubber, steel, plastics and other related industries to keep down both the price of gas and the cost of innovation.

So while the Japanese and European auto makers forged ahead in developing small reliable cars and alternative fuel technologies, the Detroit Three - and especially General Motors - continued to rely on demand for big profitable vehicles made cost effective by low fuel prices.

Now a new order is assembling in the wings of the world's economic stage and while GM will continue to be an important auto maker, it will have a much smaller part to play.

It is a sad day for us all.

- Peter C.T. Elsworth