When U.S. presidential candidate Donald Trump mused about the possibility of Japan, South Korea and Saudi Arabia developing their own nuclear weapons, it was probably not his intention to highlight the success of the nuclear nonproliferation regime or the policy of President Barack Obama's administration.
Over the past two decades, many developing countries have turned away from free market capitalism and toward modern state capitalism, which is a combination of traditional state economic planning and elements of free market competition. In his new book, Council on Foreign Relations Senior Fellow for Southeast Asia Joshua Kurlantzick argues that modern state capitalism is ultimately “more protectionist, more dangerous to global security and prosperity, and more threatening to political freedom” than free market economics.
In testimony before the U.S.-China Economic and Security Review Commission, Elizabeth Economy discussed the economic components of the “rebalance to Asia” and its prospects going forward. She recommended that the U.S. Congress ratify TPP, continue to support the Ex-Im Bank, and increase support for NGO operations across the Asia-Pacific in fields such as legal education and anti-corruption that help promote good economic governance. She also called for greater coordination between commercial diplomacy and strategic economic plans and greater support for the proposed U.S. New Silk Road initiative.
A frank conversation between China and the United States about the future of the Korean peninsula could pave the way for greater cooperation to stymie North Korean nuclear ambitions, writes CFR’s Scott Snyder.
Benn Steil’s op-ed in the March 30 edition of the Wall Street Journal, co-authored with Emma Smith, looks at presidential campaign charges that China is engaged in “currency manipulation” to boost net exports. They show that the aims of China’s pegged exchange rate regime have varied over the past two decades, and have not always been mercantilist. In recent months, with capital flowing out of China at a prodigious rate, its interventions have been to keep its currency up—not down. Launching a trade war with China over currency management, as Donald Trump and Bernie Sanders intend, would therefore be nonsensical—as well as damaging to U.S. interests.
For over six decades, the United States and Pakistan have suffered through a tormented and often tumultuous relationship, one defined at its apex by wartime alliance and at its nadir by stiff U.S. sanctions. In many ways, the period since 9/11 has mirrored that longer history, with expectations inflated and dashed, overblown rhetoric, and in the end, more frustration than satisfaction.
To ensure the success of Myanmar's historic democratic transition, the United States should revise its outdated and counterproductive sanctions policy, according to Priscilla A. Clapp, former chief of mission at the U.S. Embassy in Myanmar.
In testimony before the House Foreign Affairs Subcommittee on Asia and the Pacific, Alyssa Ayres recapped the trajectory of U.S.-India economic ties over the past decade and a half, and proposed ways to take the relationship forward.
The government of India filed suit on March 3 in the World Trade Organization (WTO) seeking to overturn a new U.S. tax on high-skilled migrants that India says discriminates against its citizens and would damage some of its most successful companies. The case marks the first time that a country's immigration laws have been challenged using the rules of a trade agreement, writes CFR’s Edward Alden.
Joshua Kurlantzick, a senior fellow at the Council on Foreign Relations, has written State Capitalism: How the Return of Statism is Transforming the World, a timely look at the phenomenon and its dangers to democracy and the economic order. Asia Sentinel is privileged to print this excerpt from the book, which is to be published by Oxford University Press in April.
The East and South China Seas are the scene of escalating territorial disputes between China and its neighbors, including Japan, Vietnam, and the Philippines. The tensions, shaped by China's growing assertiveness, have fueled concerns over armed conflict and raised questions about Washington's security commitments in its strategic rebalance toward the Asia-Pacific region.
In light of China’s deepening economic slowdown, “China’s foreign policy may well be driven increasingly by the risk of domestic political instability,” write Robert D. Blackwill,Henry A. Kissinger senior fellow at the Council on Foreign Relations (CFR), and Kurt M. Campbell, the Asia Group’s chairman and chief executive officer, in a new Council Special Report. “Economic growth and nationalism have for decades been the two founts of legitimacy for the Communist Party, and as the former wanes, [Chinese leader Xi Jinping] will likely rely increasingly on the latter.”
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