{"id":189,"date":"2010-04-28T13:48:10","date_gmt":"2010-04-28T11:48:10","guid":{"rendered":"http:\/\/fromlet.bbsresearch.se\/?p=189"},"modified":"2010-04-28T13:48:10","modified_gmt":"2010-04-28T11:48:10","slug":"my-favorite-reading-in-april-2010-2-bradford-de-long-stephencohen-the-end-of-influence-what-happens-when-other-countries-have-the-money-2010-basis-books","status":"publish","type":"post","link":"https:\/\/blogg.lnu.se\/fromlet-bbsresearch\/?p=189","title":{"rendered":"My favorite reading in April 2010 (2): – Bradford de Long \/ StephenCohen: The End of Influence. What Happens when Other Countries Have the Money. 2010. Basis Books."},"content":{"rendered":"

Sammanfattning<\/em><\/p>\n

Brad deLong – v\u00e4lk\u00e4nd professor i ekonomisk historia vid Berkeley-universitet i San Francisco \u2013 analyserar i denna nyutkomna bok tillsammans med kollegan Stephen Cohen USA:s framtida roll i v\u00e4rldsekonomin.\u00a0 Kinas tilltagande globala inflytande diskuteras \u2013 vilket kommer att ske p\u00e5 bekostnad av USA:s. DeLong\/Cohen f\u00f6rutser en v\u00e4xande statskapitalism och en tillbakag\u00e5ng av nyliberalismen.<\/p>\n

————————————–<\/p>\n

Many articles have been written in the past two years about the declining economic power of the American economy in the aftermath of the global financial and economic crisis. Of course, nobody can give an exact answer to this topic at this stage. But one should listen when experts like Cohen and – particularly –\u00a0 DeLong raise their voices. This is why I read their book \u201cThe End of Influence\u201d with great interest.<\/p>\n

DeLong\/Cohen use the uncomfortable American indebtedness and China\u2019s enormous accumulation of currency reserves as the starting point for their analysis. \u201cWhen you have the money \u2013 and you are a big, economically and culturally vital nation \u2013 you get more than just a higher standard of living for your citizens. You get power and influence\u2026\u201d On the other hand: \u201cWhen the money drains out, you can maintain the edge of living standards of your citizens for a considerable time (as long as others are willing to hold your growing debt and pile interest payments on top). But you lose power\u2026\u201d<\/p>\n

The two authors of the book forecast the revival of state capitalism and a declining influence of neoliberalism, particularly in the U.S. In the future, governments will intervene much actively to affect markets, according to the two professors.<\/p>\n

DeLong and Cohen do not see a primary risk in foreign (Chinese) buying of American companies per se \u2013 but in the challenge \u201cwhere the spillovers of the innovations go\u201d. DeLong\/Cohen fear that the spillovers \u2013 which historically stayed in the U.S. and which strongly contributed to regional growth \u2013 will go outside the U.S, thanks to foreign money.<\/p>\n

The book does not predict the fall of the U.S. We are, however, told that others have the money. Consequently, the U.S. will lose power and influence – but it will remain a world power.\u00a0<\/p>\n

\u00a0\u201cThe End of Influence\u201d is a most interesting reading. However, it is based on the assumptions of sustained major fiscal problems in the U.S. and continuous economic stability in China. These assumptions are probably right for the forthcoming years. But what will happen 10-15 years from now? China has its (still hidden) structural imbalances as well \u2013 and the U.S. may at some point turn their own problems in the right direction again.<\/p>\n

DeLong\u2019s and Cohen\u2019s book is not written very academically, which is good for trying to get a broader public to understand this ongoing, very severe problem in the world economy. They point to possible developments that really look uncomfortable. Not each and every one of their conclusions will come true.\u00a0 But the warning signals should not be ignored.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sammanfattning Brad deLong – v\u00e4lk\u00e4nd professor i ekonomisk historia vid Berkeley-universitet i San Francisco \u2013 analyserar i denna nyutkomna bok tillsammans med kollegan Stephen Cohen USA:s framtida roll i v\u00e4rldsekonomin.\u00a0 Kinas tilltagande globala inflytande diskuteras \u2013 vilket kommer att ske p\u00e5 bekostnad av USA:s. DeLong\/Cohen f\u00f6rutser en v\u00e4xande statskapitalism och en tillbakag\u00e5ng av nyliberalismen. ————————————– […]<\/p>\n","protected":false},"author":352,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-189","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\r\nMy favorite reading in April 2010 (2): - Bradford de Long \/ StephenCohen: The End of Influence. What Happens when Other Countries Have the Money. 2010. 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