could the cooling of the u.s. economy effect the developing world?

From the IHT: -

Global shares fell Wednesday as burgeoning U.S. mortgage loan problems and soft economic data provoked fears that the world’s largest economy may enter a recession and drag down smaller economies with it.

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Citigroup, the biggest U.S. bank, on Tuesday reported a fourth-quarter net loss of $9.83 billion. The biggest loss on record for the 196-year-old company reflected write-downs on subprime mortgage investments of $18 billion.

For many of the world’s developing nations, the United States represents the primary or secondary export destination for goods produced. As the American economy continues to cool, global markets are beginning to reflect concern among investors. Many have predicted that emerging cash-rich nations such as China will take up the slack, but this is still some way off - mainly because few nations have a culture of profligacy to match the US.

Many progressives wish to see a reduction of consumption in both the US and Europe (see this video), but would they also welcome slowed growth in the developing world?