In present-day political and policy discussions in Washington, widespread concern is shared over the large and growing U.S.-China trade deficit. In the Senate, this concern was manifested in the proposed Currency Exchange Rate Oversight Reform Act of 2007, which was introduced in June 2007, and...

Under reasonable assumptions, China could achieve parity in living standard with Western Europe by 2100, and India by 2150. Climate change, however, may be a key obstacle preventing such a convergence. The business-as-usual (BAU) growth path of the world economy might increase concentrations of...