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Keynote Addresses Post-Crisis Global Rebalancing

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Chapter Summary

This chapter illustrates the growing importance of the Asian economies in the world economy and their recent elevated role in the governance of that system. The economic gains are evident in the growing share of Asian economies in global GDP (incomes) and trade. The G-20 replaced the G-8 as the primary forum for discussion and coordination of international economic policies after the global financial crisis, and it proved to be very effective in coordinating national programs for economic stimulus and avoiding significant increases in trade protectionism. However, there has also been an increasing amount of friction - largely between the United States and China - over trade and the need to rebalance the global economy to reduce the prevalence of large trade surpluses and deficits. The chapter addresses questions of how the trans-pacific relationship will evolve in future years.

Keywords:Asian economies; China; G-20; G-8; global economy; United States



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