Word: globalizers
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...fully aware that American hubris and misjudgment - lots of both - have gotten us into the mess we're in. Yet at the same time, I must honestly say I'm proud of America's global achievements. Behind U.S. global expansion was an ideal of a world based on free enterprise, mutual prosperity and open societies. It was that ideal that brought my Holocaust-survivor grandparents through Ellis Island in 1949 in the hopes of rebuilding their lives and finding better opportunities for their 3-year-old daughter - my mother. These ideals have too often been trampled by greed or myopic...
...That fact has apparently been forgotten. The very concepts behind the American economy are now frowned upon as the sources of the global recession. Instead we hear praise of China's "state capitalism" - the notion that semi-command economics can work better than Economic Man. And what of America's liberal political ideology, which used to inspire suppressed peoples everywhere? I recently gave a talk to about 30 students from China at a journalism class at a Hong Kong university. Riots had erupted in China's Xinjiang province between the indigenous Uighurs and Han Chinese immigrants only days before...
...There is no doubt that China is the world's next superpower, but we sometimes forget that this is a nation that can't make safe milk, and where activists vanish from their homes. Look at how China exerts its new global influence - by backing some of the world's most odious regimes, in North Korea, Sudan and Burma. Most pundits mistakenly praise the Chinese system as blindly as they criticize the American one. Many economists ignore China's immense problems that could undermine Chinese growth in the future...
Asia appears to be recovering from the global recession faster than the West. But the financial imbalances that triggered the worst economic crisis in memory could still put the brakes on the world's fastest-growing economies. So warns economist and Morgan Stanley Asia chairman Stephen Roach in his new book, The Next Asia, a collection of his essays and analysis from the past several years that foreshadowed the meltdown. The following is an exclusive excerpt from the book's introduction...
...linkage between Asian growth and the American consumer bears special mention. The U.S. consumer is still the dominant consumer in the global economy. Although America accounts for only about 4.5% of the world's population, its consumers spent about $10 trillion in 2008. By contrast, although China and India collectively account for nearly 40% of the world's population, their combined consumption was only about $2.5 trillion in 2008. During the boom, China and the rest of Asia reaped enormous benefits from a mercantilist growth model that was tied increasingly to the voracious appetite of the American consumer. Unfortunately, Asia...