United States vs. China

C. Fred Bergsten is Nonresident Senior Fellow and Director Emeritus at the Peterson Institute for International Economics, of which he was Founding Director from its creation in 1981 through 2012. He was economic deputy to Dr. Henry Kissinger at the National Security Council, Assistant Secretary of the US Treasury for International Affairs, Chairman of APEC’s Eminent Persons Group and of the Competitiveness Policy Council chartered by the US Congress, and a member of the President’s Advisory Committee for Trade Policy and Negotiations for 10 years. Bergsten was the most widely quoted think-tank economist in the world and was called "one of the ten people who can change your life" by USA Today. He is the author, coauthor, or editor of 46 books.

“Bergsten makes an urgent case for US–China cooperation: work together to stabilize the world economy or risk a disaster on par with the Great Depression of the 1930s.”The New York Review of Books“No matter where you sit on the China-engagement spectrum, you will find Bergsten’s intelligent arguments of merit and practical use; whether you find yourself nodding in agreement and glad to be armed with such persuasive points, or furrowing your brow while attempting to formulate sound rebuttals, you’ll come away with a more informed and nuanced view of options for the China–U.S. economic relationship.”Bookish Asia“Americans may be uncomfortable with the lurch toward self-fulfilling Cold War thinking on China. But discomfort is not a plan. C. Fred Bergsten’s seminal new book draws on his five decades of experience as a leading global economic thinker and doer to outline the most compelling alternative in the economic sphere yet put forward.”Lawrence H. Summers, former Secretary of the Treasury and President Emeritus of Harvard University“Escalating tensions between the world’s two largest economies have fueled concerns of a repeat of the 1930s disaster. Esteemed economist C. Fred Bergsten analyzes what’s at stake and brilliantly outlines policy options to avoid these risks. A must-read for all of us, and particularly those in government today.”Carla A. Hills, Chair & CEO, Hills & Company International Consultants“An outstanding work … If the US and China ever find a way out of their current conflict, the balanced analysis and policy recommendations in this book will have played a fundamental role.”Barry Naughton, University of California, San Diego“No one is better suited than Fred Bergsten to undertake this critical study of US-China economic competition. It will be the defining challenge of the 21st-century for both nations, and the prescriptions he lays down are well-suited to avoid a trade war neither side can win.”James Stavridis, Admiral, US Navy (retired), former Supreme Allied Commander of NATO, and Vice Chair of The Carlyle Group“Fred Bergsten is one of the world’s foremost experts on the global economy. His exceptional book offers a 21st Century complement to Charles Kindleberger’s classic about international leadership and economic orders. Bergsten explains why the global economic system depends on an accommodation between the United States and China. He challenges the new Cold War thesis of condemning and containing China. Instead, he offers a work plan of cooperation and competition, conditioned upon reciprocity.”Robert B. Zoellick, Former President of the World Bank, US Trade Representative, and Deputy Secretary of State, and author of America in the World“In this stimulating book, Fred Bergsten ponders the challenge for global economic leadership being waged by the U.S. and China now and in the coming decades. It is a powerful work, drawing on deep experience and insider knowledge.”David Bachman, University of Washington“In his masterful opus, Fred Bergsten, a pioneer in the study of international economic policy coordination, explores the modus vivendi of the United States and China in the age of global leadership vacuum. He argues that liberal internationalism still serves the enlightened self-interest for both countries, as well as for the rest of the world. His vision is solidly anchored with geopolitical realism and pragmatic idealism.”Yoichi Funabashi“Fred Bergsten, an experienced and influential economic policymaker, warns against a new Cold War between the US and China, and offers positive suggestions for managing a competitive cooperation.”Joseph Nye, Distinguished Service Professor at Harvard Kennedy School of Government and author of Do Morals Matter? Presidents and Foreign Policy from FDR to Trump"Impressive book[…]."The Critic''Bergsten’s book is important for its breadth of perspective and depth of knowledge.''Vivek Arora, Finance & Development“cogent and comprehensive”Andrew Peaple, The Society of Professional Economists“Bergsten makes a compelling case that the risks associated with a leaderless global economy, or worse, one where China and the United States are at each other’s throats, should get the two governments to pursue his agenda.” Foreign Affairs

• List of Figures, Tables, and BoxesAbbreviationsPrefacePART I: The Setting1 A New Global Economic Order?2 Why Global Economic Leadership MattersPART II: The Superpowers3 China’s Capabilities4 China’s Aspirations5 America’s Capabilities6 America’s Will to LeadPART III: The Systemic Alternatives7 The Leadership Vacuum: A G-0 World?8 G-1 Chinese Economic Pre-Eminence9 Effective Co-Leadership: A US-China G-210 Toward Conditional Competitive CooperationReferencesNotes