Biden has abandoned 40 years of US neo-liberalism. He is attempting the greatest change in US economic policy since Reagan. This change in economic policy will make the US a more formidable economic competitor to China.
The following article by John Ross, setting out the economic forces underpinning the current political crises in the US and Britain, was previously published here by Socialist Economic Bulletin.
Every day the media reports deepening political destabilisation gripping both major ‘Anglo Saxon’ countries – the US and UK. Most important for the world, of course, is US political instability where almost daily crises hit the Trump administration – resignation of the President’s Chief of Staff, sacking of the head of the FBI, public attacks by the President on members of his Cabinet, virulent public and even obscene denunciations by the President’s advisers of each other, numerous Congressional investigations, sensational leaks from inside the national security agencies the FBI and CIA, open campaigns by key mass media such as the New York Times and CNN to remove the President etc. This US domestic political instability is clearly tightly intertwined with crises and developments in world politics – US relations with Russia, US disputes over the Iran nuclear deal, differences over US policy to China etc.
The following article by John Ross, setting out the growth prospects for the US economy, was previously published by Socialist Economic Bulletin.
The latest US economic data confirms the US remains locked in a prolonged period of slow growth with major consequences for geopolitics and destabilising consequences for US domestic politics.
The following article by John Ross, explaining why the Belt & Road region is now the main locomotive in the world economy, was previously published by Socialist Economic Bulletin.
The importance of the Belt and Road (B&R) summit for China and participating countries is well known. What is not so widely grasped is that the B&R region is now by far the most powerful locomotive not only of the regional but of the global economy. To be precise:
· Measured at current exchange rates the IMF projects that in the next five years’ growth in the B&R region measured in absolute dollar terms will be almost twice that in North America and four times that in Europe.
The following article by John Ross, setting out the economic fundamentals confronting the US, was previously published by Socialist Economic Bulletin.
This article was published in Chinese before the recent summit between Chancellor Merkel and President Trump – which strongly confirmed its analysis.
The first steps by Trump as US President confirmed that he will pursue an anti-China policy but also that he will use different tactics to Obama and Clinton.
Discussion about the trends in the world economy emerging from the 2008 financial crisis is dominated by the relative growth rates of the US and China – the world’s two largest economies.
The media discussion has been focusing on concerns about China’s slowdown and its global impact, while the US is portrayed a recovering well. In fact both major economies are slowing in the context of continued global economic weakness, but the US is slowing much more than China.
The following article, by John Ross, looks at these facts in detail and points out that the key question is not ‘why is China slowing?’, but why has the US slowed much more dramatically than China in the last year?