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While much attention was paid to the competitive aspects of U.S.-China relations during President Obama's recent trip to Asia, the broader consequences and outcomes of the trip are more nuanced.
Europe's debt situation is likely to continue to worsen, not because of irrational speculation but because governments, businesses, and households all have strong incentives to act in ways that reinforce the crisis.
Managing the tension between domestic politics and the demands of a global economy is one of the major challenges facing politicians around the world.
Despite initially high expectations, the enhanced relationship between India and the European Union has so far made relatively little impact and has fallen short of its own objectives.
The ability of the service sector to generate growth is widely underestimated. So long as country avoid taking protective measures and harness their competitive advantages, countries should welcome larger service sectors.
Having benefited from the euro at the expense of nations such as Greece, Spain, and Portugal, Germany now has the opportunity to take responsibility for the survival of the Eurozone by sacrificing its current account surplus and allowing debt-laden countries to resume growth.
While President Obama will use his ten day trip to the Asia-Pacific to demonstrate that the United States is serious about its involvement in the region, his substantive agenda appears thin and may disappoint those with high expectations.
Forcing the renminbi to appreciate might shift the burden of unemployment from the United States to China, but it would also set a dangerous precedent for future trade and currency wars.
Recent changes in Myanmar’s behavior suggest that its leaders may be attempting to shift away from dependence on China and seek greater legitimacy at home.
China has passed the point where double-digit growth alone can guarantee price stability and employment. It must now pursue more balanced and less rapid economic growth.
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