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Eclipse: Living in the Shadow of China's Economic Dominance Paperback – September 16, 2011
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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
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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.Read more ›