"Our Dollar, Your Problem argues that America's currency might not have reached today's lofty pinnacle without a certain amount of good luck. Drawing in part on his own experiences, including with policymakers and world leaders, Kenneth Rogoff animates the remarkable postwar run of the dollar-how it beat out the Japanese yen, the Soviet ruble, and the euro-and the challenges it faces today from crypto and the Chinese yuan, the end of reliably low inflation and inter-est rates, political instability, and the fracturing of the dollar bloc. Americans cannot take for granted that the Pax Dollar era will last indefinitely, not only because many countries are deeply frus-trated with the system, but also because overconfidence and arrogance can lead to unforced errors. Rogoff shows how America's outsized power and exorbitant privilege can spur financial instability-not just abroad but also at home"--Book jacket.

No one has more authority to call the shots the way they really are than Paul Krugman, whose provocative New York Times columns are keenly followed by millions. One of the world's most respected economists, Krugman has been named America's most important columnist by the Washington Monthly and columnist of the year by Editor and Publisher magazine. In this long-awaited work containing Krugman's most influential columns along with new commentary, he chronicles how the boom economy unraveled: how exuberance gave way to pessimism, how the age of corporate heroes gave way to corporate scandals, how fiscal responsibility collapsed. From his account of the secret history of the California energy crisis to his devastating dissections of dishonesty in the Bush administration, Krugman tells the uncomfortable truth about how the United States lost its way. And he gives us the road map we will need to follow if we are to get the country back on track.

Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europeâe(tm)s joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollarâe(tm)s shadow. The essays collected in this volume explain why. Because of Americaâe(tm)s external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europeâe(tm)s money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the worldâe(tm)s leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.

A dramatic transformation of global power is under way, one only dimly recognized by most Americans. As economics and trade now loom larger than nuclear stockpiles or Cold War ideology, those countries with the fastest growing economies have begun to rewrite the rules of power and influence in the world. These nations are the Big Emerging Markets, and for too long we have failed to recognize their importance. We can no longer afford that luxury. The Big Ten is the essential guide to the ten most important Big Emerging Markets. Jeffrey E. Garten, the Dean of the Yale School of Management and the former Under Secretary of Commerce for International Trade, explains who they are, why they have burst onto the world scene, and how they will reshape the world in the twenty-first century. The ten countries to watch are spread across the globe: Mexico, Brazil, and Argentina in the Americas; China, India, Indonesia, and South Korea in Asia; Poland and Turkey in Europe; and in Africa, South Africa. The Big Ten are bigger than most people realize: they are home to half the world's population, and the United States exports more products to these countries than to Europe and Japan combined. They also wield immense political influence in many of the world's most critical regions. Moreover, American industrial firms, mutual funds, and pension plans have begun to invest heavily in these dynamic economies, making our own prosperity increasingly dependent on theirs.While the Big Ten offer new opportunities for the United States, Garten observes their potential political instability could create economic havoc around the world. In addition, they pose powerful ethical and strategic dilemmas. The BEMs do not share our values regarding human rights, child labor, corruption, or environmental degradation, and our growing contacts with these societies are sure to violate our notions of fairness and our moral sensibilities. And as the Big Ten grow and mature as regional powers, they will pose unprecedented challenges to American global leadership.Drawing on his first-hand experiences at the highest levels of government, finance, and academia, Garten advances a comprehensive plan for America to meet the challenges of this emerging new world. he addresses the critical questions facing American policy makers, business executives, educators, and concerned citizens, and he outlines the bold changes that will be necessary if we are to control our national destiny in the decades to come. The Big Ten will help readers understand the importance of NAFTA, the rise of China, the connection between trade and human rights, and the imperatives for American foreign policy, business, and higher education. Packed with powerful insights and real-life stories from the front lines of international commerce, The Big Ten will redefine the way we think about America's global role in the twenty-first century.