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Niall Ferguson cited by NYT's David Brooks in column about China

Source: David Brooks in the NYT (7-2-09)

On July Fourth, we think about our country and its future. But these days it’s impossible to think about America and its future role in the world without also thinking about China. This was the subject of a combative discussion this week at the Aspen Ideas Festival.

The agent provocateur was Niall Ferguson of Harvard. China and the U.S., he argued, used to have a symbiotic relationship and formed a tightly integrated unit that he calls Chimerica.

In this unit, China did the making, and the United States did the buying. China did the saving, while the U.S. did the spending. Between 1995 and 2005, the U.S. savings rate declined from about 5 percent to zero, while the Chinese savings rate rose from 30 percent to nearly 45 percent....

Think of China, Ferguson concluded, as Kaiser Wilhelm’s Germany in the years before World War I: a growing, aggressive, nationalistic power whose ambitions will tear through pre-existing commercial ties and historic friendships.

James Fallows of The Atlantic has lived in China for the past three years. He agreed with parts of Ferguson’s take on the economic fundamentals, but seemed to regard Ferguson’s analysis of the Chinese psychology as airy-fairy academic theorizing. At one point, while Fallows was defending Chinese intentions, Ferguson shot back: “You’ve been in China too long.” Fallows responded that there must be a happy medium between being in China too long and being in China too little....

Posted on Friday, July 3, 2009 at 3:55 PM | Comments (0) | Return

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