The Great Rebalancing
Trade, Conflict, and the Perilous Road Ahead for the World Economy - Updated Edition
by:
Michael Pettis
in:
Economics
Summary:
The book analyzes the global economic imbalances driven by national policies that promote trade surpluses and deficits, arguing that these imbalances are unsustainable and lead to financial crises. It proposes that rebalancing through significant adjustments in consumption and debt patterns is essential for global economic stability.
Key points:
1. Trade Imbalances: Pettis believes the global financial crisis was caused by big trade and capital flow imbalances, with countries like China and Germany having large surpluses and the US having deficits, leading to unsustainable debt.
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