A policy of managed real undervaluation may have been an important factor behind the success of East Asia’s export-led growth model. But current discussions over the value of China’s currency demonstrate the controversy this kind of policy can generate. Although a managed real undervaluation...

Should the U.S. reassess its grand strategy and as part of this reassessment change its policy perspective strategically in Asia? These are difficult and contentious questions. However, given the current turbulence in global politics and political economy, their importance is undeniable. I argue...