Trade Malaise by Daniel W. Drezner Web Exclusive

One of the incorrigible habits of being the world's only superpower is believing that the world revolves completely around you. American foreign-policy makers assume that the center of the world is Washington, DC-because it's been that way for so long. And, in some ways, nothing has changed. The shift from the G-8 to the G-20, for example, actually enhances American influence at the expense of the Europeans .

Sometimes, however, the world really does change. When Barack Obama heads to the Asia-Pacific Economic Cooperation (APEC) summit meeting in Singapore this week, he will be encountering a region that has simply bypassed Washington. Last month the East Asia Summit convened to debate the future of East Asian integration. The meeting highlighted two salient facts about the region. First, contrary to perceptions, the Asia/Pacific region has witnessed the most fervent e...


From the Archives:
by Stephen S. Roach
The America-China symbiosis cannot be overstated. Beijing’s willingness to buy U.S. debt allowed us to live on credit, while our purchase of Chinese goods propelled their meteoric rise. But as the financial markets have soured, some in the United States are questioning the wisdom of this mutual dependence. With China heckling us over our fiscal policies and its U.S. debt holdings, America is threatening protectionism. Just as we both rise, so may we both fall: together.
by Joseph E. Stiglitz
America’s debt is ballooning. Runaway inflation threatens our creditors. Faith in the almighty dollar is wavering. Soon a global reserve, complete with its own currency, will land the final blow against the dollar. But contrary to popular opinion, it will be good for the American economy.
by Daniel W. Drezner
Protectionism is back—and Obama’s tariff against China is just the beginning.

Slow Train to Brussels ; by Kathleen R. McNamara, Issue 102 Web Exclusive
A Happy Family ; by Charles Wyplosz, Issue 101 Web Exclusive
The Last Temptation of Risk ; by Barry Eichengreen, Issue 101
Bretton Woods Redux ; by Stewart Patrick, Issue 98 Web Exclusive