Ferguson, Niall; Schularick, Moritz - 2009
For the better part of the past decade, the world economy has been dominated by a world economic order that combined … Germany and Japan after World War II. Trade surpluses with the U.S. played a major role in propelling growth. But there were … distortions of the world economy. Second, the Chinese have so far resisted the kind of currency appreciation to which West Germany …