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Good-Bye Hegemony!Power and Influence in the Global System$
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Simon Reich and Richard Ned Lebow

Print publication date: 2014

Print ISBN-13: 9780691160429

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691160429.001.0001

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China and Custodial Economic Management

China and Custodial Economic Management

(p.83) Chapter 4 China and Custodial Economic Management
Good-Bye Hegemony!

Simon Reich

Richard Ned Lebow

Princeton University Press

This chapter documents the embryonic shift in custodial economic functions from the United States to Asia. Whether measured in terms of the purchasing of government and private debt, or the provision of foreign direct investment and overseas aid, the United States plays a diminishing role in sustaining global capitalism. Asian countries—most notably China, and to a lesser extent, Japan—have increasingly assumed this role because their leaders see it in their national interest. As holders of trillions of dollars of U.S. debt, these countries arguably provide more stability to the global system than Washington does. The United States is the largest debtor in the world, and contrary to any claims of hegemony, is now a great source of economic instability.

Keywords:   China, Asia, custodial economic management, custodial economic functions, global capitalism, economic instability, custodianship, global economic system

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