Download The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy AudioBook Free
China's economic progress is sputtering, the Euro is under menace, and america is combating serious trade drawbacks. Another Great Melancholy? Nearly. Noted economist and China expert Michael Pettis argues instead that people are undergoing a crucial rebalancing of the world economies. Debunking popular myths, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the consequence of unfortunate policies that distorted the savings and consumption patterns of certain countries. Pettis examines the reason why behind these destabilizing policies, and he predicts severe economic dislocations--a lost ten years for China, the breaking of the Euro, and a receding of the U.S. dollar--that will have long-lasting effects. Pettis points out how China has maintained massive--but unsustainable--investment progress by artificially minimizing the price tag on capital. He discusses how Germany is endangering the Euro by favoring its development at the expense of its neighbours. And he talks about the way the U.S. dollar's role as the world's reserve money burdens America's overall economy. Although various imbalances may seem unrelated, Pettis shows that most of them--including the U.S. consumption binge, surging credit debt in European countries, China's investment orgy, Japan's long stagnation, and the product growth in Latin America--are closely tied together, and this it will be impossible to solve any concern without forcing a resolution for all those. Demonstrating how economic policies can bring negative repercussions around the world, The Great Rebalancing sheds immediate light on our globally connected economic future.
