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Can America Stay on Top?

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  • Paul Krugman

Abstract

The United States has long enjoyed a unique position of economic supremacy. By the early 1990s, however, almost everyone believed that the age of U.S. supremacy was nearing its end. Circa 1992 few people would have dared to suggest that a second "American Century" might be in prospect. At the millennium, however, such suggestions are indeed being made. Several years of extremely favorable U.S. economic performance, all the more dramatic in contrast to some of the crises and setbacks elsewhere, have made it seem possible that American supremacy, far from being further eroded, will return to something like its early post-World War II levels. But can America really stay on top? To raise this question is not in any sense to accept the idea that the world economy is a zero-sum game; if America does well, this is not bad news for the rest of the world, nor is a renewed supremacy based on dismal performance elsewhere good for us. But it is still interesting to ask whether the special position of the United States in the world economy has gained a new lease on life.

Suggested Citation

  • Paul Krugman, 2000. "Can America Stay on Top?," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 169-175, Winter.
  • Handle: RePEc:aea:jecper:v:14:y:2000:i:1:p:169-175
    Note: DOI: 10.1257/jep.14.1.169
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.169
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    References listed on IDEAS

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    1. Paul R. Krugman, 1998. "It's Baaack: Japan's Slump and the Return of the Liquidity Trap," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 137-206.
    2. Adam S. Posen, 1998. "Restoring Japan's Economic Growth," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 35.
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    Cited by:

    1. Ronald Schettkat, 2003. "Institutions in the Economic Fitness Landscape: What Impact Do Welfare State Institutions Have on Economic Performance?," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 1(2), pages 27-33, October.
    2. Pantuosco, Louis J. & Parker, Darrell & Seyfried, William & Lyman, Scott, 2002. "Macroeconomic Differences in Public and Private Union Density: An Analysis of U.S. State Economies," The Review of Regional Studies, Southern Regional Science Association, vol. 32(2), pages 171-186, Summer/Fa.
    3. repec:ejw:journl:v:7:y:2010:i:1:p:4-52 is not listed on IDEAS
    4. Lizardo Radhames A. & Mollick Andre Varella, 2011. "The Impact of Chinese Purchases of U.S. Government Debt on the Treasury Yield Curve," Global Economy Journal, De Gruyter, vol. 11(4), pages 1-23, December.

    More about this item

    JEL classification:

    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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