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Zusatztext " The Great Rebalancing does what all good books should do: it prompts the reader to question old assumptions and think about the world in a slightly different way. That is not only intellectually stimulating; it is, or should be, also of practical value. Maybe one day they will even get around to reading, and learning from, this book in Berlin." ---Guy de Jonquiéres, Economic Record Informationen zum Autor Michael Pettis is professor of finance and economics at Peking University, a senior associate at the Carnegie Endowment, and a widely read commentator on China, Europe, and the global economy. He is the author of The Volatility Machine: Emerging Economies and the Threat of Financial Collapse . Klappentext "Through the past decade of China's financial and strategic emergence, Michael Pettis has been a source of unfailing common sense about the possibilities and limitations of the Chinese model. Now he has put his analysis and recommendations into one concise book. I highly recommend reading and reconsulting his book to put the daily flow of China news into perspective." --James Fallows, author of China Airborne "This is a brilliant book, one that absolutely must be read by all who are concerned with globalization's future. Michael Pettis debunks the reigning conventional wisdom about international trade, finance, and globalization, and provides the most clear-eyed, unbiased, and unvarnished insights into how the Chinese economy works. From Chinese savers to Greek debtors to American bankers, Pettis shows how we are all connected--and what to prepare for on the road ahead." --Clyde Prestowitz, author of The Betrayal of American Prosperity "Michael Pettis has written an essential guide to the macroeconomic imbalances that bedevil today's global economy. We ignore his message at our peril." --Dani Rodrik, author of T he Globalization Paradox "This is a profoundly interesting exploration of the causes of the trade and capital imbalances that produced the 2008 financial crisis. Michael Pettis argues that the structural gap between China's domestic consumption and production is the central reason for its pursuit of export-led growth through currency undervaluation. His analysis focuses valuable attention on the deep domestic reforms required in all the major trading countries for the 'great rebalancing' of their international accounts--and the avoidance of continuing crises." --Robert Skidelsky, author of Keynes: The Return of the Master Zusammenfassung China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that Inhaltsverzeichnis Preface to the Paperback Edition xi CHAPTER ONE Trade Imbalances and the Global Financial Crisis 1 Underconsumption 4 The Different Explanations of Trade Imbalance 6 Destabilizing Imbalances 9 We Have the Tools 11 Why the Confusion? 14 Some Accounting Identities 17 The Inanity of Moralizing 19 The New Economic Writing 22 CHAPTER TWO How Does Trade Intervention Work? 26 Trade Intervention Affects the Savings Rate 29 Currency Manipulation 32 Exporting Capital Means Importing Demand 34 What Happens If China Revalues the Renminbi? 37 Wealth Is Transferred within China 40 Does China Need a Social Safety Net? 42 CHAPTER THREE The Many Forms of Trade Intervention 47 How Changes in Wealth Affect Savings 50 Wage Growth 52 Trade Policy as the Implicit Consequence of Transfers 55 Financial Repression 58 Higher Interest Rates and Household Wealth 61 Do Higher Interest Rates Stimulate or Reduce Consumption? 64 Currency versus Interest Ra...
