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After the global financial crisis between 2008 and 2009, I have greatly interested in the theme: what will be the consequences of the crisis in world economic order? It is because the crisis damaged the belief of the superiority of the market-based model which US has long preached as only one path to prosperity since the collapse of the Soviet Union in 1990. Moreover, the crisis also raised fundamental questions that the US can lead the world economy in a sustainable manner by providing the rest of the world with markets for exports, source of very reliable financing through most sophiscated financial markets. If the US cannot be a absolute leading economy, then it is the obvious question: where to? China has been seen a good alternative to the US by many investors, businessmen, and policy makers around the world.
This book along with other books such as 'End of Free Market', 'End of Influence', and 'Losing Control', gave a lot of information on China (and other big emerging countries), the next economic giant which will compete the US in the remaining years of 21st century. At a still poor country status, China may not be a ideal democratic country. It is also busy with keeping current regime stable so that it cannot but focus on the economic growth to keep down the pressure from the bottom. As long as it can sustain the hyper economc growth, the current model may work. However, it is not always sustainable in the long-run.
In my view, China will try to establish the sustainable way of managing its power without introducing free and democratic system through i) building links with other BRICs, African countries, and other resource-rich countries, ii) globalization of its currency through bilateral channels using its huge foreign reserve and trade channels, iii) separate security networks with those countries which start from US un-friendly countries (socialist regime countries, arab countries) and move to those countries with weaker economic linkage with the US after the glboal financial crisis. The second group of countries are not clear yet but it will soon appear when China's influence is strengthened.
The problem in setting new global economic order is that although the US is still playing the leading role in various global agenda such as climate change, financial reform it is not always producing tangible results. The last Copenhagen summit almost failed to show committments from the participating countires, the bank levy as one of global banking rules is also hard to get consensus from G20 countries. Moreover, we have yet seen the alternative multilateral forum to fully include China as well as other BRICs. G20 might be one but it is only in infancy and it is hardly expected to produce consensus for sensitive matters among the member countries. In retrospect, when Greek fiscal crisis alerted the global economy, the G20 should have been more active. It should have not let EU handle the issue. As many prominent people lamented during the early period, the EU's action was too slow to deal with the crisis situation unlike the US dealt with the crisis. This mistake would delay significantly the recovery of world economy and questioned the capability of policy makers in Europe and US.
In conclusion, in a connected world by rapid globalization over the half decade, Chinese actions could limit the US's action and vice versa. It is intersting to see how US and China will compete and cooperate in the 21st century and its implications to other countries in the World.
- Hardcover: 312 pages
- Publisher: Basic Books; 1 edition (April 6, 2010)
- Language: English
- ISBN-10: 0465013619
- ISBN-13: 978-0465013616
- Product Dimensions: 6.1 x 1.1 x 9.2 inches
- Shipping Weight: 1.1 pounds (View shipping rates and policies)
- Customer Reviews: 19 customer reviews
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Amazon Best Sellers Rank:
#1,566,829 in Books (See Top 100 in Books)
- #3919 in Asian Politics
- #2796 in Communism & Socialism (Books)
- #3416 in Chinese History (Books)
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