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Op-ed
Taiwan Is Next Stop in US Reengagement in Asia
Daniel H. Rosen
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The Obama administration has shown interest in Asia, but it has not capitalized on the significant opportunity presented by boosted economic engagement with Taiwan. US firms have nearly $20 billion invested in Taiwan, and Taiwanese businesses have $4.2 billion invested in the United States. While Washington may be disappointed by Taiwan's poor implementation of existing agreements, this poor implementation can act as a catalyst to get the two nations to reengage in Trade and Investment Framework Agreement talks and show that the United States is serious about economic engagement in Asia.
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Op-ed
India's Weak State Will Not Overhaul China
Arvind Subramanian
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As India enters its 64th year since independence, its economic dynamism presents a paradox. On most measures of market friendliness, it lags behind Latin America and even sub-Saharan Africa. It is still more closed to trade and foreign capital than most other countries; still hampered by extensive controls on economic activity, including onerous labor laws; and still dominated by a large public sector. But its growth is being fueled less by policy changes than by the positive effects of growth itself. These effects include innovation at the state level, which has to be matched elsewhere; the growth of entrepreneurship; and the private sector increasingly replacing the public sector in providing services like education. But the Indian state will seldom be ahead of the curve in initiating or galvanizing wider economic change. And that bottleneck, while perhaps insufficient to prevent high growth rates, might make Chinese-type growth rates elusive.
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Peterson Perspectives Interviews
Is the Economic Recovery Sputtering to a Close?
Michael Mussa says the latest disappointing economic numbers indicate a slower pace of growth and a possible rise in unemployment, and that a return to recession cannot be ruled out.
PIIE Noted in the News and on the Web
WTOP Radio
China Becomes World's Second Biggest Economy
WTOP Radio interviews C. Fred Bergsten on the implications of second quarter data showing that China is now the world's second largest economy. Bergsten notes that the good news is China continues to be the driver of world economic growth and a huge potential market for US firms and workers, while the bad news is that China is becoming steadily more competitive, not just in low-wage jobs but increasingly in more sophisticated economic sectors as well.
NPR
What If China Were the World's No. 1 Economy?
Adam S. Posen speculates what will change for the United States when China's economy, which has just become the second largest economy in the world, overtakes the US economy as predicted.
>> Listen to a longer version of this interview on NPR Planet Money
>> Listen also to China's Surpasses Japan as No. 2 Economy on NPR
CNN
Japan's Growth Slows
William R. Cline talks with CNN about new numbers released showing that Japan's economy is slowing.
>> See also Policy Brief 10-21: Renminbi Undervaluation, China's Surplus, and the US Trade Deficit
Semi-Daily Journal of Economist J. Bradford DeLong
Why Doesn't Barack Obama Recess-Appoint Joe Gagnon to the Federal Reserve Board of Governors?
UC Berkeley Professor J. Bradford DeLong praises Joseph Gagnon's latest op-ed on what the Fed could do to ward off deflation.
Time
America's Real Asian Trade Problem
Time Magazine's blog the Curious Capitalist draws on PIIE Policy Brief 10-16 in its argument that the United States risks getting left out of Asian trade agreements.
>> Read PIIE Policy Brief 10-16: Deepening China-Taiwan Relations through the Economic Cooperation Framework Agreement
>> See also the forthcoming book: The Implications of China-Taiwan Economic Liberalization
Preview of Next Issue
Op-ed
What Actions Should the Fed Be Taking?
Joseph E. Gagnon
Policy Brief
The Road to a Climate Change Agreement Runs Through Montreal
Richard J. Smith
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