Book Description

What are the key foreign economic policy issues facing the United States in the second half of this decade? How can the administration and Congress meet the economic challenges that lie ahead? This new book analyzes the dramatic importance of the world economy to both the domestic prosperity and overall foreign policy of the United States, describes the new global environment (e.g., the rise of China as a global economic superpower and the completion of European unification) in which US policy must operate, and proposes major US initiatives on a wide range of international economic issues, including correction of the huge current account deficit, new trade negotiations, and energy. Individual chapters by senior staff of the Institute on each of the key topics are included.

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Editorial Reviews

The Institute for International Economics is a national and international resource, and this is one of its finest efforts.

Lawrence H. Summers

. . . a volume packed with important and innovative ideas about US foreign economic policy. US and foreign policymakers should read and draw on it.

Stanley Fischer

. . . the call to action simply must not be ignored.

Paul Volcker

This is an excellent contribution to the literature. . . . Highly recommended.


The United States and the World Economy does not shy from presenting difficult yet possible solutions to highly complex problems. An absolute 'must-read' for economists . . .

Reviewer's Bookwatch

This is a book worth reading and learning from.

Journal of Economic Literature


Selected chapters and sections are provided for preview only.


Executive Summary

1. A New Foreign Economic Policy for the United States
C. Fred Bergsten

2. The Payoff to America from Global Integration
Scott C. Bradford, Paul L. E. Grieco, and Gary Clyde Hufbauer

3. Uneven Gains and Unbalanced Burdens? Three Decades of American Globalization
J. David Richardson

4. China: The Great New Economic Challenge?
Nicholas R. Lardy

5. The United States and the Large Emerging-Market Economies: Competitors or Partners?
Jan E. Boyer and Edwin M. Truman

6. Sustaining Global Growth while Reducing External Imbalances
Michael Mussa

7. Energy: A Gathering Storm?
Philip K. Verleger Jr.

8. Confronting Current Challenges to US Trade Policy
Jeffrey J. Schott

9. Offshore Outsourcing and the Globalization of US Services: Why Now, How Important, and What Policy Implications
Catherine L. Mann

10. Easing the Adjustment Burden on US Workers
Lori G. Kletzer and Howard Rosen

11. Challenges for US Immigration Policy
Gordon H. Hanson

12. The International Financial Architecture
Morris Goldstein

13. Fostering Development
William R. Cline and John Williamson




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