Never before have China, Japan, and India all been strong at the same time. But there can be no denying that these three leading Asian powers and the US have different playbooks: America wants a uni-polar world but a multi-polar Asia; China seeks a multi-polar world but a uni-polar Asia; and Japan and India desire a multi-polar Asia and a multi-polar world.
NEW DELHI – At a time when Asia is in transition, with the specter of a power imbalance looming large, it has become imperative to invest in institutionalized cooperation to reinforce the region’s strategic stability. After all, not only is Asia becoming the pivot of global geopolitical change, but Asian challenges are also playing into international strategic challenges.
Asia’s changing power dynamics are reflected in China’s increasingly assertive foreign policy, the new Japanese government’s demand for an “equal” relationship with the United States, and the sharpening Sino-Indian rivalry, which has led to renewed Himalayan border tensions.
All of this is highlighting America’s own challenges, which are being exacerbated by its eroding global economic preeminence and involvement in two overseas wars. Such challenges dictate greater US-China cooperation to ensure continued large capital inflows from China, as well as Chinese political support on difficult issues ranging from North Korea and Burma to Pakistan and Iran.
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Like Vladimir Putin, China's leader is so steeped in a narrative of victimhood and fearful of appearing weak that it is hard to imagine him ever leading China out of the mess he has created. He could well be remembered as the leader who squandered history's most remarkable economic success story.
about the country's increasingly worrisome trajectory, both at home and abroad.
Artificial IdiocyFrank Rumpenhorst/picture alliance via Getty Images
Following the latest banking crisis, monetary authorities should seriously consider how modern digital technologies could be used to avert such problems in the future. A central bank digital currency would both eliminate many barriers to financial transactions and end the risk of bank runs once and for all.
explains how central bank digital currencies would end bank runs and banks' excessive risk-taking.
NEW DELHI – At a time when Asia is in transition, with the specter of a power imbalance looming large, it has become imperative to invest in institutionalized cooperation to reinforce the region’s strategic stability. After all, not only is Asia becoming the pivot of global geopolitical change, but Asian challenges are also playing into international strategic challenges.
Asia’s changing power dynamics are reflected in China’s increasingly assertive foreign policy, the new Japanese government’s demand for an “equal” relationship with the United States, and the sharpening Sino-Indian rivalry, which has led to renewed Himalayan border tensions.
All of this is highlighting America’s own challenges, which are being exacerbated by its eroding global economic preeminence and involvement in two overseas wars. Such challenges dictate greater US-China cooperation to ensure continued large capital inflows from China, as well as Chinese political support on difficult issues ranging from North Korea and Burma to Pakistan and Iran.
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
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