What the Global Economy Needs from Asia

We hear a lot of talk nowadays about the structural imbalance in global trade: namely, the West needs to spend less and export more (Germany excluded) and the East needs to export less and spend more (China especially). What we don't talk about much are the structural deficits that currently stand in the way of rising Asia's collective ascension to the role of established third pillar of global order. Instead, we place too much hope on China's unique abilities to scale that mountain on its own, while simultaneously fearing that Beijing's resulting ambitions will ultimately prove globally destabilizing.

Continue reading this week's New Rules column at WPR.