The financial crisis has seen the global economy turned on its head. And it is China, rather than America, that is set to dominate through both soft and hard power

The 2008 financial crisis marked a fundamental shift in the relationship between China and the United States. Nothing could or would be quite the same again. The management of the US economy was revealed to have been fatally flawed, a lightly regulated financial sector almost allowed to shipwreck the entire economy. In a few short months, the crisis served to undermine a near-universal assumption of American, and western, economic competence; in contrast, China’s economic credentials have been considerably burnished. The crisis at the same time exposed the huge levels of indebtedness that have sustained the American economy, accentuated since by the financial rescue package, while underlining the financial strength of the Chinese economy, now the world’s largest net creditor with its massive foreign exchange reserves. Although hardly new, the crisis finally woke Americans up to the fact that China had become their banker, with all this meant in terms of the shifting balance of power.

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Come the next catastrophe, we will rue governments’ cowardice in failing to reform the banks

Talk of economic recovery is in the air. The FTSE has been steadily climbing over recent days. The banks are once more recruiting and paying fat bonuses. The sense of impending financial catastrophe which stalked the western world last autumn now seems a long time ago. But the mood of cautious optimism that is tangible in some circles is profoundly misplaced.

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Updated and expanded new Chinese edition just released.

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Turkish edition just published!

When China Rules the World is the first book to fully conceive of and explain the upheaval that China’s ascendance will cause and the realigned global power structure it will create.

New edition available now from:

Amazon UK
and all good booksellers.

US second edition is available now via: 

Amazon US