The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy

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China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that

Reviews

"[Michael Pettis is] a brilliant economic thinker."--Edward Chancellor, Wall Street Journal "Insightful... [O]ffers a sweeping perspective that links trade, exchange rates, and cross-border capital flows to underlying domestic taxation, investment, and fiscal policies... Pettis's erudite, but lucid and very readable analysis brims with surprising ripostes to conventional wisdom... Pettis's stimulating, contrarian take on the present crisis challenges dogma with clear thinking."--Publishers Weekly "This is a book that should be read by: (a) politicians, central bankers and anybody else involved in macroeconomic policy; (b) all economists; (c) all students of economics; and (d) everybody else. The Great Rebalancing: Trade, Conflict and the Perilous Road Ahead for the World Economy by Michael Pettis is as sharp and clear as a cut diamond in its analysis of the continuing global imbalances. The author brings logic, accounting identities and clarity of thought and language to bear on the issue of prospects for the global economy, putting most other commentators into the shade."--Diane Coyle, Enlightened Economist "[A] book full of easy-to-understand, yet often misunderstood theories, explanations and predictions for what went wrong internationally before the 2008 Financial Crisis, what has been going on since, and where things are likely to head in the future... The Great Rebalancing is probably one of the clearest, most elegant and logically written explanations of world trade, including both how policies affect trade and how trade affects economies... [T]his is not just a China book, but a book encompassing some of the biggest economic and financial questions of our time. The persuasive, clear and well-reasoned arguments behind many of the seemingly unorthodox ideas in the book will make it both pleasing and nicely unsettling for many readers. Hopefully its message will be heard amongst policymakers before some of the more disturbing predictions become realities."--James Parker, Diplomat "With much pleasure, I highly recommend Michael Pettis' newest book The Great Rebalancing... Michael Pettis has taught me most of what I know about global trade. I also happen to believe he is the world's foremost expert on China in relation to trade and global macro events. I give two thumbs up to The Great Rebalancing."--Mike "Mish" Shedlock, Global Economic Analysis "I've been waiting for this book for over 10 years... Anyone who wants to understand international economics better will benefit from this book. I cannot recommend it more highly."--David Merkel, Seeking Alpha "This is a dense and well-argued book... It will be read with interest by the large and growing community that follows China's economy."--Mark O'Neill, South China Morning Post "The Great Rebalancing is probably one of the clearest, most elegant and logically written explanations of world trade, including both how policies affect trade and how trade affects economies... [T]his is not just a China book, but a book encompassing some of the biggest economic and financial questions of our time. The persuasive, clear and well-reasoned arguments behind many of the seemingly unorthodox ideas in the book will make it both pleasing and nicely unsettling for many readers. Hopefully its message will be heard amongst policymakers before some of the more disturbing predictions become realities."--James Parker, Diplomat Pacific Money Blog "[F]ascinating reading."--BizEd "[The Great Rebalancing] is original and quite convincing, and coherently challenges conventional accounts."--Choice

Author Bio

Michael Pettis is professor of finance and economics at Peking University, a senior associate at the Carnegie Endowment, and a widely read commentator on China, Europe, and the global economy. He is the author of "The Volatility Machine: Emerging Economies and the Threat of Financial Collapse".