Alone together: China and America

We seem to be moving from a world where markets ruled to one where politics rules: the politics of nationalism and confrontation, of East versus West instead of East and West.
It wasn't that long ago that globalization was almost universally perceived as a good thing, when policymakers celebrated free trade agreements, and when countries competed to lower barriers to the free flow of goods, technology, and money. But something in the global zeitgeist seems to have shifted from free trade and open markets to decoupling, national champions, re-shoring, industrial policy.
We seem to be moving from a world where markets ruled to one where politics rules: the politics of nationalism and confrontation, of East versus West instead of East and West.
In this week’s New Thinking for a New World podcast, Weijian Shan, economist, businessman, investor, and author based in Hong Kong, shares his unique perspective, not just on global markets, but on how the world really works. He is chairman and CEO of PAG, one of Asia's leading investment firms, and author of two books, Money Games: The Inside Story of How American Deal makers Saved Korea's Most Iconic Bank, and Out of the Gobi: My Story of China and America.

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It's heartening indeed to have a very knowledgeable economist talking on world economy and trade. Kudos

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Yale School of Management's Steven Roach, who worked in Asia for Morgan Stanley, has for a decade+ emphasized that the U.S. current account deficit with China
is only one example of countries with which the U.S. has such a deficit.