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

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  • Minqi Li

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.

Suggested Citation

  • Minqi Li, 2007. "U.S., China, and the Unraveling of Global Imbalances," Working Papers wp146, Political Economy Research Institute, University of Massachusetts at Amherst.
  • Handle: RePEc:uma:periwp:wp146
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    File URL: https://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_101-150/WP146.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. Andong Zhu & Minqi Li, 2005. "Neoliberalism, Global Imbalances, and Stages of Capitalist Development," Working Papers wp110, Political Economy Research Institute, University of Massachusetts at Amherst.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • F01 - International Economics - - General - - - Global Outlook
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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