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Eclipse: Living in the Shadow of China's Economic Dominance [Kindle Edition]

Arvind Subramanian
4.7 out of 5 stars  See all reviews (3 customer reviews)

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Book Description

By most accounts, China has quickly grown into the second largest economy in the world. In this controversial new book, Subramanian argues that China has already become the most economically dominant country in the world in terms of wealth, trade and finance. Its dominance and eclipsing of US global economic power is more imminent, more broad-based and larger in magnitude than anyone has anticipated. Subramanian compares the economic dominance of China with that of the two previous economic superpowers, the United States and the United Kingdom, and highlights similarities and diff erences. One corollary is that the fundamentals are strong for the Chinese currency to replace the dollar as the world's reserve currency. The final chapter forecasts how the international economic system is likely to evolve as a result of Chinese dominance.


Editorial Reviews

Review

Parts of 'Eclipse' read like a wonky version of 'Rising Sun,' Michael Crichton's 1992 novel of Japanese dominance over the U.S. when Tokyo was seen as speeding toward number one. But Mr. Subramanian is a first-class economist who uses his book to discuss provocatively U.S.-Chinese relations and the nature of economic power. --The Wall Street Journal

It's a very important contribution to an immensely important subject: essentially nothing short of the future of the world. And I admire much of it. It's brave, it's intelligent, and it's justly and rightly controversial. --Martin Wolf, chief economics commentator, the Financial Times

If you want to understand the true magnitude of the shift in economic power that is currently changing the world, Eclipse is the book to read--provocative, well argued and elegantly written. --Liaquat Ahamed, Pulitzer Prize winning author of Lords of Finance

'Subramanian makes a compelling point, which should receive wide attention.' -- Henry A. Kissinger

Defying conventional wisdom, Eclipse not just vividly imagines, but provides a plausible scenario for, the replacement of the United States by China as the world's dominant economic power. It persuasively underlines the need for Washington to get its act together. --Francis Fukuyama, Stanford University and author of The End of History and the Last Man and The Origins of Political Order

Eclipse must be read for a refreshing and deep analysis of what may lie ahead. It is an extremely well written and thought provoking book. --Mohamed El-Erian, Chief Executive, PIMCO and award-winning author of When Markets Collide

Eclipse is a fascinating read. Controversial, but meant to be, it has the potential to set the terms of our ongoing discussion on what is perhaps the hottest issue in the global economy--China's role. Its quantification of power alone will attract considerable interest. --Dani Rodrik, Professor of Economics, Harvard University and author of The Globalization Paradox

About the Author

Arvind Subramanian, an Indian national, is senior fellow jointly at the Peterson Institute for International Economics and the Center for Global Development. He was assistant director in the Research Department of the International Monetary Fund. During his career at the Fund, he worked on trade, development, Africa, India, and the Middle East. He served at the GATT (1988-92) during the Uruguay Round of trade negotiations and taught at Harvard University's Kennedy School of Government (1999-2000) and at Johns Hopkins' School for Advanced International Studies (2008-10). He has written on growth, trade, development, institutions, aid, oil, India, Africa, the WTO, and intellectual property. He has published widely in academic and other journals, including the American Economic Review (Papers and Proceedings), Review of Economics and Statistics, Journal of International Economics, Journal of Monetary Economics, Journal of Public Economics, Journal of Economic Growth, Journal of Development Economics, Brookings Papers on Economic Activity, Oxford Review of Economic Policy, International Monetary Fund Staff Papers, Foreign Affairs, World Economy, and Economic and Political Weekly. He has also published or been cited in leading magazines and newspapers, including the Economist, Financial Times, Washington Post, New York Times, Wall Street Journal, Newsweek, and New York Review of Books.

Product Details

  • File Size: 4095 KB
  • Print Length: 302 pages
  • Publisher: Peterson Institute for International Economics (September 16, 2011)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B005TKZOYS
  • Text-to-Speech: Enabled
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  • Lending: Enabled
  • Amazon Best Sellers Rank: #466,899 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

4.7 out of 5 stars
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13 of 14 people found the following review helpful
5.0 out of 5 stars It's Wake-Up Time! October 4, 2011
Format:Paperback
Author Subramanian's focus is on whether and how China might attain future dominance in the next 20 years, comparing it with the past economies of Great Britain and the U.S. Subramanian believes China's future dominance could be more imminent, broader, and larger than currently imagined.

America's economy has had to contend with slow growth, heavy public and private debt, and a middle class weakened by high and persistent unemployment and reduced labor force participation caused by competition from India and China. Inequality has increased even faster than debt. Meanwhile, China has become the world's largest manufacturer and the largest credit source, especially to the U.S. Sibramanian's introduction portrays the U.S. President and congressional leaders of both parties traveling to IMF headquarters to seek a loan. Inflation and interest rates have both risen - the former because of rapid increases in commodity and oil demand from emerging markets, the latter via the Federal Reserve because of its large debts and the dollar's potential loss of reserve-currency status. Oil-rich nations have already refused emergency financing because new Islamic leaders harbor resentment of U.S. Middle East interventions. China, the IMF's largest contributor, now has veto power and has made removal of U.S. naval bases from the Western Pacific a precondition. A national value-added tax, restoring the highest marginal tax rate to 40%, means testing for Medicare and Social Security, and substantially reduced defense expenditures are also being required. Complacency had ruled U.S. economic policy up until this point, based on 'American exceptionalism.' That was the United Kingdom's sentiment as well, prior to the sun setting on its empire and dominance.
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4.0 out of 5 stars Good for chinese economy researchers May 12, 2014
Format:Kindle Edition|Verified Purchase
Its a nice book to read for those researching on the chinese economy. I would have given a star more but for his ex employer(IMF) bashing in the book. The tone rather than the message is what i found was shriller.
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0 of 4 people found the following review helpful
5.0 out of 5 stars Excellent book October 7, 2012
Format:Kindle Edition|Verified Purchase
The author of the book defends his theory regarding dominance of China in the world economy based on historic events, economic models and some unknown to the public political secrets.
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