Over the years, advanced and developing countries have experimented, sometimes deliberately and frequently inadvertently, with a variety of approaches to growth.
The core of the relationship is simple: China needs US innovation to grow, and the US needs Chinese markets to grow.
Political pundits agree that presidential approval ratings are highly correlated with gas prices: when prices go up, a president's poll ratings go down.
The focus on currencies as a cause of the West's economic woes, while not entirely misplaced, has been excessive.
As the economist Mario Monti's new government takes office in Italy, much is at stake – for the country, for Europe, and for the global economy.
As the US economy continues to sputter three years after the financial crisis erupted with full force, it has become clear that the US cannot recover strongly without a change in the mix of domestic and foreign components of total aggregate demand.
The recent dramatic declines in equity markets worldwide are a response to the interaction of two factors: economic fundamentals and policy responses – or, rather, the lack of policy responses.
The post-crisis period has produced a multi-speed world, as the major advanced economies – with the notable exception of Germany – struggle with low growth and high unemployment, while the main emerging-market economies have restored growth to pre-crisis levels.
For the countries of Asia - especially its rising giants, China and India - sustainable growth is no longer part of a global challenge. Instead, it has become a national growth-strategy issue.
Growth in the world’s emerging economies now depends on China, the main export partner for a growing list of major economies including Japan, South Korea, India, and Brazil.
The global economy is at a crossroads as the major emerging markets become systemically important, both for macroeconomic and financial stability and in their impact on other economies, including the advanced countries.
Since World War II's end, the global economy's trade and financial openness has increased, thanks to institutions like the International Monetary Fund and successive rounds of liberalization, starting with the General Agreement on Tariffs and Trade (GATT) in 1947.
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