The Great Rebalancing
The Great Rebalancing sheds urgent light on our globally linked economic future, demonstrating how economic policies can carry negative repercussions the world over. It argues that we are undergoing a critical rebalancing of world economies. Debunking popular misconceptions, this book shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. The Great Rebalancing examines the reasons behind these destabilizing policies and predicts severe economic dislocations that will have long-lasting effects.
"Insightful... Pettis's erudite, but lucid and very readable analysis brims with surprising ripostes to conventional wisdom... Pettis's stimulating, contrarian take on the present crisis challenges dogma with clear thinking."
— Publishers Weekly
"The Great Rebalancing does what all good books should do: it prompts the reader to question old assumptions and think about the world in a slightly different way. That is not only intellectually stimulating; it is or should be, also of practical value. Maybe one day they will even get around to reading, and learning from, this book in Berlin."
— Guy de Jonquiéres, Economic Record
"The Great Rebalancing offers a stimulating read. The author advances many arguments I find quite interesting and pushes me to rethink issues I tend to take for granted. It certainly provides a different perspective."
— Paul Deng, Copenhagen Journal of Asian Studies
"[The Great Rebalancing] is original and quite convincing, and coherently challenges conventional accounts."
— Choice
"With much pleasure, I highly recommend Michael Pettis' newest book The Great Rebalancing... Michael Pettis has taught me most of what I know about global trade. I also happen to believe he is the world's foremost expert on China in relation to trade and global macro events. I give two thumbs up to The Great Rebalancing."
— Mike "Mish" Shedlock, Global Economic Analysis
"Pettis does a major service in explaining the determinants of global imbalances, providing insights into the functioning of the Chinese economy, while bringing in quotes from historical figures, prominent economists, and misguided pundits. . . . I hope this book stimulates a more informed debatecon how to rebalance growth, trade, and capital flows in the least disruptive manner."
— Caroline Freund, Journal of World Trade Review
"Policymakers should heed the macroeconomic laws that Pettis articulates. His text is a sound introduction to global balance-of-payment mechanisms, using the financial crisis as the ideal case study."
— Survival
"[Michael Pettis is] a brilliant economic thinker."
— Edward Chancellor, Wall Street Journal
"I've been waiting for this book for over 10 years... Anyone who wants to understand international economics better will benefit from this book. I cannot recommend it more highly."
— David Merkel, Seeking Alpha
"The Great Rebalancing is probably one of the clearest, most elegant and logically written explanations of world trade, including both how policies affect trade and how trade affects economies. . . . [T]his is not just a China book, but a book encompassing some of the biggest economic and financial questions of our time. The persuasive, clear, and well-reasoned arguments behind many of the seemingly unorthodox ideas in the book will make it both pleasing and nicely unsettling for many readers. Hopefully, its message will be heard amongst policymakers before some of the more disturbing predictions become realities."