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Global Finance After the Crisis

The United States, China and the New World Order

Richard A. Iley and Mervyn K. Lewis

This thought-provoking book addresses challenging questions raised in light of the aftermath of the global financial crisis that saw an accelerated rise in the economic growth of China and other emerging market economies, while the US, Japan and Europe have laboured under the great recession.
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Chapter 6: China’s prospects and challenges

Richard A. Iley and Mervyn K. Lewis

Extract

Not so long ago, discussion of the problems of the twenty-first century started from the presumption that it would be the American Century, with the problems arising from the United States’ overwhelming economic, military, scientific and technological strengths and its unchallenged position as the sole ‘hyper power’. The onset and aftermath of the global financial crisis have seen a surge in pessimism over the prospects of the United States and prognostications that the twenty-first century will belong to China (for example Jacques, 2009; Ferguson, 2010b; Lehmann, 2010).

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