Given its rapid and successful development, there can be no doubt that China will become one of the dominant global powers of the twenty-first century. But its behavior will not resemble that of any superpower that has gone before it.
YALTA – Given its rapid and successful development, there can be no doubt that the People’s Republic of China will become one of the dominant global powers of the twenty-first century. Indeed, despite the massive problems that the country is confronting, it could even emerge as the global power.
But it would be a mistake to assume that the reemergence of so-called “XXL powers” like China and India will simply bring a continuation of Western traditions. We will have to deal with a different type of superpower.
Ever since the European powers set sail at the end of the fifteenth century to conquer the world, historiography and international politics have become accustomed to a certain pattern: military, economic, and technological power is translated into the exercise of influence over other countries, conquest, and even global dominance and empire.
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If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
Although Silicon Valley Bank was not deemed to be systemically important, its insolvency forced the US Federal Reserve to head off systemic contagion and exposed the inadequacy of the FDIC’s partial deposit insurance regime. The financial-stability framework adopted after the 2008 crisis obviously needs another overhaul.
considers what the bank’s failure should mean for the current financial-stability framework.
YALTA – Given its rapid and successful development, there can be no doubt that the People’s Republic of China will become one of the dominant global powers of the twenty-first century. Indeed, despite the massive problems that the country is confronting, it could even emerge as the global power.
But it would be a mistake to assume that the reemergence of so-called “XXL powers” like China and India will simply bring a continuation of Western traditions. We will have to deal with a different type of superpower.
Ever since the European powers set sail at the end of the fifteenth century to conquer the world, historiography and international politics have become accustomed to a certain pattern: military, economic, and technological power is translated into the exercise of influence over other countries, conquest, and even global dominance and empire.
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
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