The Codependency of America and China
Since the early 1980s, the relationship between the United States and China has played a key role in supporting both economies and an increasingly critical role in shaping the global economy. Over time, the relationship deepened as the innocence of a marriage of convenience evolved into a more deeply entrenched codependency, leaving each nation uncomfortably reliant on the other to sustain economic growth. That reliance led to unsustainable imbalances in both economies, highly visible manifestations of a destabilizing codependency that resulted in mounting trade tensions and the increasingly urgent need for structural rebalancing. The very real possibility of an “asymmetrical” rebalancing, with one partner (China) taking corrective actions to shift the structure of its economy and the other (America) dragging its feet, set the stage for crisis in this highly reactive codependent relationship. Unbalanced places special emphasis on the policies and policymakers behind an increasingly fragile Sino-American codependency.
Praise for Unbalanced
—Henry A. Kissinger
—Edward Hadas, Reuters Breakingviews
—A. Michael Spence, Nobel laureate in economics