Introduction.

CHAPTER 1 A WORLD IN CRISIS.

A Subprime Outlook for the Global Economy.

Save the Day.

Coping with a Different Recession.

Davos Diary: 2008.

Double Bubble Trouble.

Even When the Worst Is Over—Watch Out for Aftershocks.

Pitfalls in a Postbubble World.

Panic of 2008: Enough Scapegoating.

Global Fix for a Global Crisis.

Changing the Fed’s Policy Mandate.

An Early Leadership Opportunity for Barack Obama.

Dying of Consumption.

Uncomfortable Truths about Our World after the Bubble.

A Postbubble Global Business Cycle.

America’s Japan Syndrome.

Whither Capitalism?

After the Era of Excess.

Same Old, Same Old.

Depression Foil.

CHAPTER 2 THE GLOBALIZATION DEBATE.

Open Macro.

The Battleground of Globalization.

The Global Delta.

Beggars Can’t Be Choosers.

Perils of a Different Globalization.

Bad Advice and a New Global Architecture.

Doha Doesn’t Matter.

Global Speed Trap.

Hitting a BRIC Wall?

Global Comeback—First Japan, Now Germany.

Labor versus Capital.

Global Lessons.

From Globalization to Localization.

Unprepared for Globalization.

The Currency Foil.

The Shifting Mix of Global Saving.

CHAPTER 3 CHINESE REBALANCING.

China’s Rebalancing Challenge.

A Commodity-Lite China.

Scale and the Chinese Policy Challenge.

China’s Great Contradiction.

Soft Landing Made in China?

The Great Chinese Profits Debate.

China Goes for Quality.

Heavy Lifting.

Two Birds with One Stone.

Unstable, Unbalanced, Uncoordinated, and Unsustainable.

China’s Global Challenge.

Consumer-Led Growth for China.

China’s Macro Imperatives.

Manchurian Paradox.

CHAPTER 4 PAN-ASIAN CHALLENGES.

The Next Asia.

Rebalancing Made in Japan?

From Beijing to Dubai.

A Tale of Two Asias.

Kim’s Boost to Globalization.

Japan’s Missing Link.

India on the Move.

The Cranes of Dubai.

Asian Decoupling Unlikely.

The Korea Test.

Asia’s Policy Trap.

Complacency Asian Style.

The End of the Beginning.

Another Asian Wake-Up Call.

India’s Virtuous Cycle.

Risks of an Asian Relapse.

CHAPTER 5 U.S.-CHINA TENSIONS.

A Slippery Slope.

Past the Point of No Return.

Debating U.S.-China Trade Policy.

Who’s Subsidizing Whom?

Protectionist Threats—Then and Now.

The Ghost of Reed Smoot.

China’s Pace, America’s Angst.

The Politics of Trade Frictions.

A Wake-Up Call for the United States and China:.

Stress Testing a Symbiotic Relationship.

Afterword.

Sources.

About the Author.

Index.