More by the Same Author
2013-04-29 Long Live China's Slowdown by Stephen Roach of Project Syndicate
China doubters around the world have been quick to pounce on slower-than-expected GDP growth in the first quarter of this year. But slower growth is actually good for China provided that it reflects the long-awaited shift to an economic structure that draws greater support from domestic private consumption.
2013-03-29 China on the Move by Stephen Roach of Project Syndicate
After six years of weighing the options, China is now firmly committed to implementing a new growth strategy. But it will take courage and sheer determination to tackle the biggest obstacle of all deeply entrenched local and provincial power blocs.
2013-02-27 America's Strategy Vacuum by Stephen Roach of Project Syndicate
As the quintessential laissez-faire system, the US outsources strategy to the invisible hand of the market, with the government locked into a reactive approach to unexpected problems. Thus, both monetary and fiscal policy have been focused on cleaning up after a crisis rather than on how to avoid another one.
2013-01-29 China's Last Soft Landing? by Stephen Roach of Project Syndicate
On the surface, the Chinese economy's resilience has been impressive the first to recover, as Chinese leaders always want to remind the rest of the world. But, beneath the surface, the economy risks losing its capacity for resilience unless the authorities accelerate the transition to a more consumer-led economy.
2012-12-28 Shinzo Abe's Monetary-Policy Delusions by Stephen Roach of Project Syndicate
The politicization of central banking worldwide continues unabated. The resurrection of Shinzo Abe and Japan's Liberal Democratic Party pillars of the political system that has left the Japanese economy mired in two lost decades and counting is just the latest case in point.
2012-11-28 China's Dream Team by Stephen Roach of Project Syndicate
China's recent leadership transition was widely depicted as a triumph for conservative hard-liners and a setback for the cause of reform a characterization that has deepened the gloominess that pervades Western perceptions of China. In fact, nothing could be further from the truth.
2012-10-24 A New Low for China Bashing by Stephen Roach of Project Syndicate
As America's election season nears the finish line, the debate always seems to come unhinged. Nowhere is that more evident than in the fixation on China singled out by both President Barack Obama and his Republican challenger, Mitt Romney, as a major source of pressure bearing down on American workers and their families.
2012-10-01 Macro Malpractice by Stephen Roach of Project Syndicate
As the global economy has gone from crisis to crisis in recent years, the cure has become part of the disease. In an era of zero interest rates and quantitative easing, untested medicine is being used to treat the wrong ailment, and the patients over-leveraged consumers have been forgotten.
2012-08-29 China is Okay by Stephen Roach of Project Syndicate
Concern is growing that China's economy could be headed for a hard landing. The Chinese stock market has fallen 20% over the past year, to levels last seen in 2009. Continued softness in recent data from purchasing managers sentiment and industrial output to retail sales and exports has heightened the anxiety. Long the global economy's most powerful engine, China, many now fear, is running out of fuel.
2012-08-01 America's Other 30% by Stephen Roach of Project Syndicate
Consumption typically accounts for 70% of America's GDP. But the 70% is barely growing, and is unlikely to revive strongly at any point in the foreseeable future, which puts an enormous burden on the other 30% of the US economy to generate any sort of recovery.
2012-06-27 The Great American Mirage by Stephen Roach of Project Syndicate
In September 1998, during the depths of the Asian financial crisis, the US Federal Reserves then-chairman, Alan Greenspan, had a simple message: the US is not an oasis of prosperity in an otherwise struggling world. Greenspans point is even closer to the mark today than it was back then.
2012-05-29 Asia Exposed by Stephen Roach of Project Syndicate
For the second time in less than four years, Asia is being hit with a major external demand shock. This time it is from Europe, with financial and trade linkages leaving Asia highly vulnerable to a raging sovereign-debt crisis that threatens to turn a mild recession into something far worse. There are no oases of prosperity in a crisis-prone globalized world. That is equally true for Asia, the worlds fastest-growing region.