Preserving the Open Global Economic System: A Strategic Blueprint for China and the United States
When 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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- Aaditya Mattoo & Arvind Subramanian, 2011.
"A China Round of Multilateral Trade Negotiations,"
Working Paper Series
WP11-22, Peterson Institute for International Economics.
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- Gary Clyde Hufbauer & Yee Wong & Ketki Sheth, 2006. "US-China Trade Disputes: Rising Tides Rising Stakes," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa78, July.
- Shekhar Aiyar & Romain A Duval & Damien Puy & Yiqun Wu & Longmei Zhang, 2013. "Growth Slowdowns and the Middle-Income Trap," IMF Working Papers 13/71, .
- Edwin M. Truman, 2012. "John Williamson and the Evolution of the International Monetary System," Working Paper Series WP12-13, Peterson Institute for International Economics. Full references (including those not matched with items on IDEAS)
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