New China. New crisis – Will Hutton
The Observer excerpts “The Writing on the Wall,” a new book by Will Hutton, formerly editor of the Observer and economics editor of the Guardian:
China is the new factor in global politics and economics, and its rulers and people know it. It now has more than $1 trillion of foreign exchange reserves, the world’s largest. It is the single most important financier of the United States’ enormous trade deficit. It is the world’s second largest importer of oil. Before 2010, it will be the world’s largest exporter of goods. It is, comfortably, the world’s second largest military power. Last year, the Pentagon’s four-yearly defence review stated that China is the power most likely to ‘field disruptive military technologies that could over time offset traditional US military advantages’. A new great power is in the making, but one whose pursuit of its self-interest takes the amorality of power to a new plane. It is not just the Chinese who should be concerned about its institutional and moral failings; all of us should be. [Full text]
– Read also:
-“Does the Future Really Belong to China?” by Will Hutton and Meghnad Desai in Prospect Magazine.
–a review of the Writing on the Wall from U.S. News and World Report.
–Will Hutton’s column in the Guardian