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• W2150197099 abstract "This paper analyzes the spatial dimension of the current global economic crisis. It focuses on an economic constellation described as ”Chimerica”: a symbiosis between the economic models of the U.S. and China—with the U.S. as the indebted ”consumer of last resort” and China as the ”workshop of the world”. The paper adopts a world-systems analysis approach and argues that ”Chimerica” is rooted in an economic power shift in the capitalist world system. In this shift, East Asia- with China as its new center- has moved up to a new position. However, this process has fostered imbalances in global economy. The structural change and the refusal of the U.S. to adapt its economic policies to the new reality of the world market turned out to be a decisive contribution to the global economic crisis of 2007. Also, the West was more affected by the crisis and China spent large amounts of its resources in crisis management. The hitherto restorative reactions of the U.S. and EU, aimed at the maintenance of Western dominance, do not seem to be sustainable in the medium term. Until now, institutional changes in global economic governance have, however, remained notably insignificant. However, in the long run, this phase of transition could be accompanied by a new map of global power. The paper concludes with a discussion of the different scenarios of such a structural change." @default.
• W2150197099 created "2016-06-24" @default.
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• W2150197099 date "2012-04-01" @default.
• W2150197099 modified "2023-09-24" @default.
• W2150197099 title "The Rise and Demise of Chimerica: Geopolitical Causes and Impacts of the Global Downturn ∗" @default.
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