| The western world attributed China’s role as world’s largest financer of the developed world and third largest economy in the world to new economic efficiencies, a revolution in risk management and its own wise policies. China and the Credit Crisis argues that if the extent of the role played in the new prosperity by an emerging China, and the fundamental nature of the changes it brought had been better understood, more appropriate policies and actions would have been adopted at the time which could have avoided the crash, or at least limited its impact. China’s Credit Crisis examines the larger role that China will play in the recovery from the current credit crisis and in the post-crisis world. It addresses the major questions which arise from the financial crisis and discuss the landscape of the post-credit crisis world, initially by continuing to provide growth to a world deep in recession, and later by sharing global economic and political leadership. The credit crisis has greatly weakened the West's economic and financial supremacy, and accelerated the shift of power from the West to the East, led by China. China and the Credit Crisis: The Emergence of a New World Order is the first book to examine the important part played by China in the run-up to the crisis, and to discuss in detail China's new and much more significant world role in the aftermath of the crisis. The book describes how policymakers misunderstood the global economic supply shock which China's emergence produced, and which laid the economic foundation for the credit crisis. It analyzes the effects of the crisis on China's own economy, and shows how China is defining its new role with respect to global governance, the role of the dollar, and its relations with the United States, Asia and the emerging world. The author throws light on the rationale that guides China's actions on the global stage, by placing recent developments in their historical and economic context. The book also discusses how China will adapt to its new global position as a superpower ranking alongside the United States, and the consequences of China's sudden ascent, both for China and for the rest of the world. |
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