The United States, China and the New World Order
In the aftermath of the financial crisis, the emerging economies, especially Asia ex-Japan, led by China, have played a major part in insulating the world economy from the more severe ramifications of what has been called the worst financial crisis in global history. In broad terms, the crisis has accelerated the secular emergence of Asia, whereas the US recovery is weak by historical standards and problems in Europe continue. In this sense, it would seem that Asia has ‘come of age’, decoupling from the languishing advanced countries, and providing the larger share of global growth since 2009. What accounts for this two-tier pattern of world growth and does this juxtaposition signal a permanent re-ordering of the world economic structure? This chapter examines the empirical basis for the ‘decoupling’ view, and with it, the greater prominence of Asia and other emerging market economies in the world economy.
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