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The Perils of False Prosperity: China, America, and a New Globalization

May 20 , 2011

There are three characteristics of China’s dynamism that have a critical bearing on the rest of the world—speed, scale, and the mix of demand. Roach makes a clear point that China’s role in the global economy is key to the fate of many nations while Chinese prosperity is equally dependent on the state of the world—an all-important feedback loop.

As undoubtedly the greatest beneficiary of the modern era of globalization, China obtained the prosperity from its unwavering commitment to growth, which might bury perils on its road to future. An unstoppable China, an America trapping its feet in unprecedented economic crisis and their relation to new globalization is nowadays the focus for many scholars all over the world.

Stephen S. Roach is a senior executive with Morgan Stanley and a lecturer at Yale University's School of Management and Jackson Institute for Global Affairs

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