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U.S., China, and the Unraveling of Global Imbalances

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  • Minqi Li
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    Abstract

    Since 2003, world economic growth has accelerated and there has been strong improvement in corporate profitability. The U.S. current account deficits and China’s dramatic economic rise have been the two pillars underpinning the current global economic expansion. The coming years are likely to see the unraveling of the external and internal imbalances of the U.S. economy and the Chinese economy has been characterized by excessive dependence on investment and exports. Whether global economic expansion can be sustained to a large extent depends on whether the Chinese economy can be successfully restructured to be led by domestic consumption and to effectively address the question of long-term ecological sustainability.

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    File URL: http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_101-150/WP146.pdf
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    Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp146.

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    Date of creation: 2007
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    Handle: RePEc:uma:periwp:wp146

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    Related research

    Keywords: Neoliberalism; Global Economy; US Current Account Deficit; Chinese Economy; Peak Oil;

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    1. Andong Zhu & Minqi Li, 2005. "Neoliberalism, Global Imbalances, and Stages of Capitalist Development," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp110, Political Economy Research Institute, University of Massachusetts at Amherst.
    2. James Crotty, 2000. "Trading State-Led Prosperity for Market-Led Stagnation: From the Golden Age to Global Neoliberalism," Published Studies ps7, Political Economy Research Institute, University of Massachusetts at Amherst.
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