Preserving the Open Global Economic System: A Strategic Blueprint for China and the United States
AbstractWhen the new Chinese leader, Xi Jinping, meets with President Barack Obama this month, they will have a lot to talk about. In the economic sphere, the paramount challenge for the two leaders is to overcome what might be called the Kindleberger Conundrum: the preservation of the open, rules-based multilateral economic system against the background of the historic shift in which the rising power (China) might be unwilling to sustain it at a time when the declining power (the United States) is increasingly unable to single-handedly shoulder the burdens of leadership. The two nations must overcome their mutual wariness and strike a Power-for-Purpose Bargain: The United States would give up power in existing multilateral institutions in return for China taking on greater global leadership to preserve the system’s real purpose.
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Bibliographic InfoPaper provided by Peterson Institute for International Economics in its series Policy Briefs with number PB13-16.
Date of creation: Jun 2013
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-07-15 (All new papers)
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Working Paper Series, Peterson Institute for International Economics
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