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  • Author: Paola Subacchi
  • Publication Date: 11-2016
  • Content Type: Book
  • Institution: Columbia University Press
  • Abstract: Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation—and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge? In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.
  • Topic: International Trade and Finance, Monetary Policy
  • Political Geography: China, Global Focus, Global Markets
  • Publication Identifier: 9780231543262
  • Publication Identifier Type: ISBN
  • Author: Ching-Chang Chen, Denny Roy, Utpal Vyas
  • Publication Date: 04-2015
  • Content Type: Book
  • Institution: East-West Center
  • Abstract: The Kim Jong Un (KJU) regime, since its inception, has ratcheted up tension on the Korean Peninsula. His decision to dishonor what he had agreed to—a moratorium on nuclear tests and long-range missile launches as well as the return of IAEA (International Atomic Energy Agency) inspectors to Yongbyon—at several rounds of bilateral talks with the United States in February 2012 confirmed the belief that North Korea is a historically unpredictable and unreliable actor. Because the new North Korean leadership needed to fulfill its promise that North Korea would enter an “era of being a strong and prosperous nation ( gangseongdaeguk ),” pursuing economic recovery by easing tension through reconciliation with the international community, including the United States, was of significance. North Korea could have obtained nutritional assistance including corn, soy beans, vegetable oils, and ready-to-eat therapeutic food, but instead it initiated a string of provocations and hostile threats, which brought China's patience to the limits, strengthened UN sanctions, and consolidated the US position not to engage with North Korea before Pyongyang shows concrete steps for denuclearization. Hence, for the international observers, North Korea's gamble seemed to be a grave mistake.
  • Topic: Economics
  • Political Geography: China, North Korea
  • Author: Nancy Bernkopf Tucker
  • Publication Date: 06-2014
  • Content Type: Book
  • Institution: Columbia University Press
  • Abstract: Nancy Bernkopf Tucker confronts the coldest period of the cold war--the moment in which personality, American political culture, public opinion, and high politics came together to define the Eisenhower Administration's policy toward China. A sophisticated, multidimensional account based on prodigious, cutting edge research, this volume convincingly portrays Eisenhower's private belief that close relations between the United States and the People's Republic of China were inevitable and that careful consideration of the PRC should constitute a critical part of American diplomacy. Tucker provocatively argues that the Eisenhower Administration's hostile rhetoric and tough actions toward China obscure the president's actual views. Behind the scenes, Eisenhower and his Secretary of State, John Foster Dulles, pursued a more nuanced approach, one better suited to China's specific challenges and the stabilization of the global community. Tucker deftly explores the contradictions between Eisenhower and his advisors' public and private positions. Her most powerful chapter centers on Eisenhower's recognition that rigid trade prohibitions would undermine the global postwar economic recovery and push China into a closer relationship with the Soviet Union. Ultimately, Tucker finds Eisenhower's strategic thinking on Europe and his fear of toxic, anticommunist domestic politics constrained his leadership, making a fundamental shift in U.S. policy toward China difficult if not impossible. Consequently, the president was unable to engage congress and the public effectively on China, ultimately failing to realize his own high standards as a leader.
  • Topic: Foreign Policy, Diplomacy, Political Economy, Bilateral Relations
  • Political Geography: United States, China
  • Publication Identifier: 9780231159258
  • Publication Identifier Type: ISBN