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Preserving the Open Global Economic System: A Strategic Blueprint for China and the United States

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  • Arvind Subramanian

    () (Peterson Institute for International Economics)

Abstract

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.

Suggested Citation

  • Arvind Subramanian, 2013. "Preserving the Open Global Economic System: A Strategic Blueprint for China and the United States," Policy Briefs PB13-16, Peterson Institute for International Economics.
  • Handle: RePEc:iie:pbrief:pb13-16
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    References listed on IDEAS

    as
    1. Aaditya Mattoo & Arvind Subramanian, 2011. "A China Round of Multilateral Trade Negotiations," Working Paper Series WP11-22, Peterson Institute for International Economics.
    2. Douglas A. Irwin, 2011. "Peddling Protectionism: Smoot-Hawley and the Great Depression," Economics Books, Princeton University Press, edition 1, number 9430, June.
    3. Peter A. Petri & Michael Plummer, 2012. "The Trans-Pacific Partnership and Asia-Pacific Integration: Policy Implications," Policy Briefs PB12-16, Peterson Institute for International Economics.
    4. Gary Clyde Hufbauer & Yee Wong & Ketki Sheth, 2006. "US-China Trade Disputes: Rising Tides Rising Stakes," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa78.
    5. Shekhar Aiyar & Romain A Duval & Damien Puy & Yiqun Wu & Longmei Zhang, 2013. "Growth Slowdowns and the Middle-Income Trap," IMF Working Papers 13/71, International Monetary Fund.
    6. Edwin M. Truman, 2012. "John Williamson and the Evolution of the International Monetary System," Working Paper Series WP12-13, Peterson Institute for International Economics.
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