Word: worldlys
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Measuring The World's Worst...
...after half a century of global economic dominance, finds itself at a crossroads, unable to generate the growth that so many Americans expect and the services so many need, and still struggling to revitalize an economy that for so many years was the envy of the world. The U.S. has been accumulating debt and owes about $800 billion to China alone; China has been building reserves and now has in excess of $2.2 trillion. China remains a poorer country on a per capita basis but is rapidly becoming an economic superpower. The U.S. is one of the most prosperous...
...governments share some of those anxieties. Beijing worries that the continuing struggles of the U.S. economy will impair a $338 billion market for its exports and imperil its dollar-denominated investments. China pegged its currency to the dollar years ago in order to hitch its wagon to the world's most dynamic economy but today worries that a declining dollar will impede China's growth. Many in Washington and on Wall Street believe that China's currency policy gives it unfair advantages in trade and that its reliance on state spending rather than domestic consumption is a core cause...
...emergence of China will shape the world much as that of the U.S. did in the late 19th century. What remains to be seen is whether the rise of China will complement the U.S. or undermine it; whether the future will bring a new, cooperative and mutually beneficial economic order rather than a predictable replay of one great power giving way to the next. That future - burgeoning with possibilities and fraught with challenges - is ours to write...
Karabell is the author of Superfusion: How China and America Became One Economy and Why the World's Prosperity Depends...