This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. The book asserts that while Wall Street is keenly aware of the implications of capital structure for stability and predictability, it has all but ignored these implications for emerging economies. The book explains how capital structures in emerging markets can be either "correlated" or "inverted" and how they systematically act to dampen or exacerbate volatility. it explains how a "capital structure trap" can force a system into a very mehanical process of collapse.

China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, and he predicts severe economic dislocations that will have long-lasting effects.

Demonstrating how economic policies can carry negative repercussions the world over, "The Great Rebalancing" sheds urgent light on our globally linked economic future.

Winner of the 2021 Lionel Gelber Prize: A provocative look at how today's trade conflicts are caused by governments promoting the interests of elites at the expense of workers "The authors weave a complex tapestry of monetary, fiscal and social policies through history and offer opinions about what went right and what went wrong . . . Worth reading for their insights into the history of trade and finance."-George Melloan, Wall Street Journal "This is a very important book."-Martin Wolf, Financial Times Trade disputes are usually understood as conflicts between countries with competing national interests, but as Matthew C. Klein and Michael Pettis show, they are often the unexpected result of domestic political choices to serve the interests of the rich at the expense of workers and ordinary retirees. Klein and Pettis trace the origins of today's trade wars to decisions made by politicians and business leaders in China, Europe, and the United States over the past thirty years. Across the world, the rich have prospered while workers can no longer afford to buy what they produce, have lost their jobs, or have been forced into higher levels of debt. In this thought-provoking challenge to mainstream views, the authors provide a cohesive narrative that shows how the class wars of rising inequality are a threat to the global economy and international peace-and what we can do about it. Longlisted for the 2020 Financial Times & McKinsey Business Book of the Year Award and named a Best Business Book of 2020 by Strategy + Business

China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, and he predicts severe economic dislocations--a lost decade for China, the breaking of the Euro, and a receding of the U.S. dollar--that will have long-lasting effects.

Pettis explains how China has maintained massive--but unsustainable--investment growth by artificially lowering the cost of capital. He discusses how Germany is endangering the Euro by favoring its own development at the expense of its neighbors. And he looks at how the U.S. dollar's role as the world's reserve currency burdens America's economy. Although various imbalances may seem unrelated, Pettis shows that all of them--including the U.S. consumption binge, surging debt in Europe, China's investment orgy, Japan's long stagnation, and the commodity boom in Latin America--are closely tied together, and that it will be impossible to resolve any issue without forcing a resolution for all.

Demonstrating how economic policies can carry negative repercussions the world over, "The Great Rebalancing" sheds urgent light on our globally linked economic future.

This fascinating collection of over 200 old photographs of Ely shows the changing life in the city and nearby villages over a period of more than one hundred years. Through the eyes of photographers we glimpse life in the high streets and back streets, in cathedral and chapel, in palace and workhouse. We see life from the river, along a route of great importance to the city, and from the settlements which cluster on the island of Ely. People are an important part of the book and they are shown at work and at play. Some well known traders are featured including J Cutlack, ironmongers, Fisher's, jewellers and Nice's Garage. Some of Ely's best known individuals are also featured including Marshall Fisher, founder of the museum, Tom Bolton, photographer, Mr Bonnett, the baker in Broad Street and John Beckett, solicitor. Everywhere, be it in the foreground or background, visible or unseen, is the presence of the cathedral, dominating the landscape and city life as it has done for nearly a thousand years. This book offers an interesting view of the development of a place of charm and distinction and will be enjoyed by all who know and love this popular Cambridgeshire town