quarta-feira, 7 de setembro de 2011

The United States in the World Economy - C. Fred Bergsten



The United States faces an acute set of challenges as it struggles to restore its economic vitality and role in the world economy. At the same time, the world must adjust to a new set of rising powers, most importantly China but with India and several others not far behind. The United States is highly dependent on global developments for prosperity and stability, and it is now much more like other countries, for virtually all of whom such international engagement has been a given throughout their histories. The United States has gained enormously from this globalization and is more than $1 trillion per year richer as a result of its trade integration. At the same time, it has become the world's largest debtor country.
To resuscitate its economy on a successful and sustainable basis, the United States must reorient toward the global economy within which it operates and on which it has become so dependent. Its goal should be to eliminate its large trade deficit over the next five to ten years, which would generate 3 million to 4 million very good jobs—about half the number needed to restore full employment. A feasible strategy for doing so begins with, and rests primarily upon, getting its fiscal house in order and substantially beefing up its international competitiveness, which will encompass a trio of international policy approaches: restoring and maintaining a competitive exchange rate for the dollar, demanding and achieving full protection for the intellectual property rights of American firms and workers, and opening (especially emerging) markets abroad to the wide array of services sectors in which the United States is highly competitive. There is no "quick fix," and these issues will be at the forefront of US concerns for many years, and probably decades, to come.

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