Stephen Roach on the Next Asia: Opportunities and Challenges for a New Globalization

Overview

Praise For Stephen Roach On The Next Asia

"Stephen Roach's penetrating insights into the linkages between Asia and globalization—past, present, and future—should be required reading for policymakers, economists, and anyone else who has an interest in the future of the world economy."
Jeffrey E. Garten, Professor and former dean, Yale School of Management, former Undersecretary of Commerce for International Trade, Clinton Administration

"Stephen Roach warned us about the global ...

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Stephen Roach on the Next Asia: Opportunities and Challenges for a New Globalization

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Overview

Praise For Stephen Roach On The Next Asia

"Stephen Roach's penetrating insights into the linkages between Asia and globalization—past, present, and future—should be required reading for policymakers, economists, and anyone else who has an interest in the future of the world economy."
Jeffrey E. Garten, Professor and former dean, Yale School of Management, former Undersecretary of Commerce for International Trade, Clinton Administration

"Stephen Roach warned us about the global financial crisis years before it exploded in 2007. Now, based on decades of experience, he offers a book full of penetrating insights about the mistakes we've made and the opportunities that await us in the New Asia. If policymakers from the United States and China heed his words, the world will be a safer, more prosperous place."
Bill Bradley, former United States Senator

"This book presents a fresh Asian perspective in understanding the root cause of the global financial crisis. Its panoramic and penetrating analyses are adding value to the existing debate on the future of Asia."
Liu Mingkang, Chairman, China Banking Regulatory Commission

"Stephen Roach's articles on Asia give the reader an authoritative and highly readable overview of the many fascinating aspects of Asia's new emergence on the global scene. Based as he is in Asia, he has produced a must-read volume for anyone wanting to get a flavour of a mega trend that is already evident and one that is expected to continue."
Montek Ahluwalia, Deputy Chairman, Planning Commission, Government of India

"Debate rages over whether Asia has become the new engine of growth in a post-crisis global economy. Stephen Roach challenges this presumption and provides timely insight as to what China and the rest of Asia need to accomplish in order to step into thisimportant role."
Laura D'Andrea Tyson, Professor, Haas School of Business, UC Berkeley and former chair, White House National Economic Council, Clinton Administration

"Roach has enjoyed a ringside seat in Asia through the crisis. The combination of economic and business analysis gives him a unique perspective. His warning that globalization is fragile and that we run the risk of a retreat to localization deserves to be taken veryseriously indeed by policymakers and business people alike."
Howard Davies, Director, London School of Economics, former executive chairman, UK Financial Services Authority

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What People Are Saying


"Stephen Roach’s prescient collection of insights and analyses, from his many years in Asia as one of the most experienced decoders of China’s political and economic trends, are cogent, valuable, and immensely helpful."

—Henry A. Kissinger
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Product Details

  • ISBN-13: 9780470446997
  • Publisher: Wiley
  • Publication date: 9/22/2009
  • Edition number: 1
  • Pages: 414
  • Product dimensions: 6.30 (w) x 9.10 (h) x 1.60 (d)

Meet the Author

Stephen S. Roach has been a thought leader on Wall Street for over thirty years. Currently the Hong Kong based Chairman of Morgan Stanley Asia, for the bulk of his career he served as the firm's chief economist, heading up a highly regarded team of economists around the world. His recent research on globalization, the emergence of China and India, and the capital market implications of global imbalances has appeared widely in the international media and in testimony before the U.S. Congress. Prior to joining Morgan Stanley in 1982, he worked in senior capacities at Morgan Guaranty Trust Company and the Federal Reserve Board in Washington D.C. He holds a PhD in economics from New York University and was a research fellow at the Brookings Institution. He is a jet-lagged resident of multiple time zones, splitting his time between eight Asian countries and his family home in Connecticut.

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Table of Contents

Acknowledgments.

Introduction.

CHAPTER 1 A WORLD IN CRISIS.

A Subprime Outlook for the Global Economy.

Save the Day.

Coping with a Different Recession.

Davos Diary: 2008.

Double Bubble Trouble.

Even When the Worst Is Over—Watch Out for Aftershocks.

Pitfalls in a Postbubble World.

Panic of 2008: Enough Scapegoating.

Global Fix for a Global Crisis.

Changing the Fed’s Policy Mandate.

An Early Leadership Opportunity for Barack Obama.

Dying of Consumption.

Uncomfortable Truths about Our World after the Bubble.

A Postbubble Global Business Cycle.

America’s Japan Syndrome.

Whither Capitalism?

After the Era of Excess.

Same Old, Same Old.

Depression Foil.

CHAPTER 2 THE GLOBALIZATION DEBATE.

Open Macro.

The Battleground of Globalization.

The Global Delta.

Beggars Can’t Be Choosers.

Perils of a Different Globalization.

Bad Advice and a New Global Architecture.

Doha Doesn’t Matter.

Global Speed Trap.

Hitting a BRIC Wall?

Global Comeback—First Japan, Now Germany.

Labor versus Capital.

Global Lessons.

From Globalization to Localization.

Unprepared for Globalization.

The Currency Foil.

The Shifting Mix of Global Saving.

CHAPTER 3 CHINESE REBALANCING.

China’s Rebalancing Challenge.

A Commodity-Lite China.

Scale and the Chinese Policy Challenge.

China’s Great Contradiction.

Soft Landing Made in China?

The Great Chinese Profits Debate.

China Goes for Quality.

Heavy Lifting.

Two Birds with One Stone.

Unstable, Unbalanced, Uncoordinated, and Unsustainable.

China’s Global Challenge.

Consumer-Led Growth for China.

China’s Macro Imperatives.

Manchurian Paradox.

CHAPTER 4 PAN-ASIAN CHALLENGES.

The Next Asia.

Rebalancing Made in Japan?

From Beijing to Dubai.

A Tale of Two Asias.

Kim’s Boost to Globalization.

Japan’s Missing Link.

India on the Move.

The Cranes of Dubai.

Asian Decoupling Unlikely.

The Korea Test.

Asia’s Policy Trap.

Complacency Asian Style.

The End of the Beginning.

Another Asian Wake-Up Call.

India’s Virtuous Cycle.

Risks of an Asian Relapse.

CHAPTER 5 U.S.-CHINA TENSIONS.

A Slippery Slope.

Past the Point of No Return.

Debating U.S.-China Trade Policy.

Who’s Subsidizing Whom?

Protectionist Threats—Then and Now.

The Ghost of Reed Smoot.

China’s Pace, America’s Angst.

The Politics of Trade Frictions.

A Wake-Up Call for the United States and China:.

Stress Testing a Symbiotic Relationship.

Afterword.

Sources.

About the Author.

Index.

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