In his new book, Arvind Subramanian presents the following possibilities: What if, contrary to common belief, China's economic dominance is a present-day reality rather than a faraway possibility? What if the renminbi's takeover of the dollar as the world's reserve currency is not decades, but mere years, away? And what if the United States's economic preeminence is not, as many economists and policymakers would like to believe, in its own hands, but China's to determine?Subramanian's analysis is based on a new index of economic dominance grounded in a historical perspective. His examination makes use of real-world examples, comparing China's rise with the past hegemonies of Great Britain and the United States. His attempt to quantify and project economic and currency dominance leads him to the conclusion that China's dominance is not only more imminent, but also broader in scope, and much larger in magnitude, than is currently imagined. He explores the profound effect this might have on the United States, as well as on the global financial and trade system. Subramanian concludes with a series of policy proposals for other nations to reconcile China's rise with continued openness in the global economic order, and to insure against China becoming a malign hegemon.

Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account opening has occurred, with the result that all developed and many emerging-market countries now have capital accounts that are both de facto and de jure open, while many developing countries also have de facto openness. This study examines this in part by considering some of the first lessons from the current global financial crisis. This crisis may change the terms of the debate on capital account liberalization in a deeper and more lasting way than any of the crises of the past two decades because it may mark a reversal in the secular trend of financial liberalization at the core of the international financial system. The current crisis also raises new questions about the appropriate policy responses to boom-bust dynamics in domestic credit and in international credit flows. Intellectual consistency is needed between the domestic and international dimensions of financial regulation and the policies aimed at dealing with boom-bust dynamics in domestic and international credit.

Beleaguered by mutual recrimination between rich and poor countries, squeezed by the zero-sum arithmetic of a shrinking global carbon budget, and overtaken by shifts in economic and hence bargaining power between these countries, international cooperation on climate change has floundered. Given these three factors --which Arvind Subramanian and Aaditya Mattoo call the "narrative," "adding up," and "new world" problems --the wonder is not the current impasse; it is, rather, the belief that progress might be possible at all.

In this book, the authors argue that any chance of progress must address each of these problems in a radically different way. First, the old narrative of recrimination must cede to a narrative based on recognition of common interests. Second, leaders must shift the focus away from emissions cuts to technology generation. Third, the old "cash-for-cuts" approach must be abandoned for one that requires contributions from all countries calibrated in magnitude and form to their current level of development and future prospects.

This collection analyses India's economic growth and its integration with the world economy. The essays, both analytical and prescriptive, offer fresh and unconventional answers to questions related to the turning point of India's economy, its pattern of economic development, status of public institutions and its economic future.
The two broad themes underlying the articles are: analysing India's economic growth and its integration with world economy. The first relates to India's current and future growth. The chapters in this section are analytical in nature detailing the Indian growth experience in the last three decades. The second relates to the integration of India into the world economy in trade in goods, in ideas, and capital flows.
This unique collection offers Indian policymakers and analysts several policy options and choices.

The multilateral trading system stands at a crossroads. Despite its widely acknowledged contribution to global prosperity over the past half century, the movement toward further liberalization has increasingly been challenged. These essays by leading scholars and trade officials honor Raymond Vernon, one of the architects of the international economic institutions established following the Second World War. The book examines several key issues at the heart of the debate over the multilateral trading system. What are the global efficiency gains from further liberalization? How can efficiency gains be maximized while respecting legitimate claims to sovereignty? Is the trading system affording an equitable distribution of benefits between countries and among various groups within societies? Does civil society have a role in the trading system? What role should the World Trade Organization and its dispute settlement procedures play in resolving disputes and enhancing legitimacy?