Stephen Roach on the Next Asia: Opportunities and Challenges for a New Globalization »

Stephen S. Roach has been a thought leader on Wall Street for over thirty years. He is currently a member of the faculty of Yale University and Non-Executive Chairman of Morgan Stanley Asia. For the bulk of his career, he served as Morgan Stanley's chief economist, heading up a highly regarded team of economists around the world. His recent research on globalization, the emergence of China and India, trade policy, and the capital market implications of global imbalances has appeared widely in the international media and in testimony before the U.S. Congress. Prior to joining Morgan Stanley in 1982, he worked in senior capacities at Morgan Guaranty Trust Company and the Federal Reserve Board in Washington D.C. He holds a PhD in economics from New York University and was a research fellow at the Brookings Institution. He is currently recovering from chronic jet lag syndrome after having logged 1.2 million air miles during his recent three-year stint as Hong Kong–based Chairman of Morgan Stanley Asia.

Praise for Stephen Roach on the Next Asia

"Stephen Roach's penetrating insights into the linkages between Asia and globalization—past,present, and future—should be required reading for policymakers, economists, and anyone else who has an interest in the future of the world economy."

—Jeffrey E. Garten, Professor and former dean, Yale School of Management, and formerUndersecretary of Commerce for International Trade, Clinton administration

"If policymakers from the United States and China heed [Roach's] words, the world will be a safer, more prosperous place."

—Bill Bradley, former United States Senator

"This book presents a fresh Asian perspective in understanding the root cause of the global

financial crisis."

—Liu Mingkang, Chairman, China Banking Regulatory Commission

"Stephen Roach's articles on Asia give the reader an authoritative and highly readable overview of the many fascinating aspects of Asia's new emergence on the global scene."

—Montek Ahluwalia, Deputy Chairman, Planning Commission, Government of India

"Debate rages over whether Asia has become the new engine of growth in a post-crisis global economy. Stephen Roach challenges this presumption and provides timely insight as to whatChina and the rest of Asia need to accomplish in order to step into this important role."?

—Laura D'Andrea Tyson, Professor, Haas School of Business, UC Berkeley, and former chair, White House National Economic Council, Clinton administration

"Roach has enjoyed a ringside seat in Asia through the crisis. The combination of economic andbusiness analysis gives him a unique perspective."

—Howard Davies, Director, London School of Economics, and former executive chairman,UK Financial Services Authority

Introduction

Ch. 1 A World in Crisis 1

Ch. 2 The Globalization Debate 89

Ch. 3 Chinese Rebalancing 169

Ch. 4 Pan-Asian Challenges 261

Ch. 5 U.S.-China Tensions 327

Afterword 395

Sources 403

About the Author 407

Index 409