How Have Us-China Relationship Been Refashioned By The Crisis Essay

The frugal crisis experienced over the recent past tense has had a resoundingly negative effect across the globe. Altman (2009a, p. 527) describes it as the worst in over 75 years. Different people and different occurrences contributed variedly toward this crisis. However, about researchers tend to point fingers towards the US and blame it solely for orchestrating the crisis with its dubious economic policies and fiscal excesses (Dibb, 2009, p. 3 and Altman, 2009a, p. 527). Wright (2009, p. 59) furthers this ideology by saying that the recession originated in spic-and-span York and, and give cargon a wildfire, spread to Asia and otherwise parts of the world. fit in to Altman (2009b, p. 5), as a result, The overall persona is a grim one a deep, truly spheric and destabilizing downturn, with world GDP falling for the startle era in post-war period.Given rising populations, such an outright contraction is stunning. China on the other hand chooses to distant itself away fro m the blame game. Wright (2009, p. 64) supports this reaction by saying that China is not blaming US for the crisis. According to them, the crisis was a culmination of a series of topics performed by different countries in relations to their affair methods, economic policies, domestic marketing tendencies as well as overall governance. This has been a tactful turn out for china more so with the looming speculations of them wanting to take full advantage of the crisis to impose influence of their minimally scathed domestic economy.It also provides a platform for good interrelations with the US, if need be, since there is no bad-blood in the midst of them as opposed to the critiquing nations. For china, their strong domestic market acts as a cushion in this tough time that many nations are languishing in economic distress. Despite facing low revenues from their exports and generally having to deal with the contest of fluctuating prices of commodities, it has been able to get sol ace from their stable Foreign exchange trading (Altman, 2009a, p. 31). In sapiently contrast, the US-the strongest nation in the world is finding it hard to cope with the crisis. Apart from allegedly overspending beyond their means, the financial injuries in their banks and credit-markets combined with the unprecedented liquidity levels have forced US down on their knees (Altman, 2009b, 529). To bring up matters worse, there have been recent concerns of the US loosing its focus from ensuring coherence, coordination and leadership. Altman (2009b, p. ) equates this tendency to the inward preoccupation of the US with severe unemployment, housing challenges and fiscal pressures. He exemplifies this by saying, US household lost 20 percent of their network worth in scarcely 18 months, dropping from a peak of $64. 4 trillion in mid 2007 to $51. 5 billion at the end of 2008 (p. 3). On the other hand, it looks like china could cast up its diplomatic presence in the development world b y sharing its vast acumen of resources and ideologies (Altman, 2009b p. 3). According to Altman (2009a p. 28), This relatively unscathed position gives china the opportunity to solidify its strategic advantages as the united States and europium struggle to recover by investing in places where US and Europe cant. In essence, this rustle by china combined with other Scandinavian countries threatens to overthrow the States from the global driving seat. Altman (2009a, 527) competently describes it as shifting the worlds centre of gravity away from the united states. An Analyst like Dibb (2009, p. 2) is already voicing out his opinions to this by saying the global wealth is speeding from the east to west.In fact, he goes further and says We think that the global financial crisis go forth hasten the relative decline of the States and Improve Chinas status (2009, p. 5). Such opinions are, however, greatly discouraged as they may just aggravate the highly polarised relationship between China and USA. Rediker (2009, p. 555-556) challenges America to copy from other well doing countries if they are to survive. He further voices out the deficit in ideology and capital which has facilitated null movement of the US economy, and asks them to swallow their pride by borrowing a leaf from the attested pages of Chinas ideologies.This is curiously important with the rising concerns of Chinas ascendancy in geopolitical standings based on the change magnitude car sales, freight shipment and electricity consumption thus offering it great financial leverage (Altman, 2009b, p. 7). Nevertheless, other analysts conceive that this crisis may lead to a better relationship between China and US. This they believe can be done by Obama administration giving China a more commutation role in the IMF as well as bringing them to the G8 (Altman, 2009a, p. 528). To them, China ideologies in terms of geopolitical measures are similar to those of the US i. . twain do not want Iran to acquir e nuclear weapons. Again, both China and US are capitalist in nature and therefore finding a inwardness ground for a starting a mutual relationship will not be precise problematic. Based on such factors, Altman (2009b, p. 7) concludes that It is increasingly clear that the US-Chinese relationship will emerge as the most important bilateral one in the world. As a point of caution, Dibb (2009, p. 3) warns that USA and China should hold dear one another with respect-if such a deal is struck- or else, dire consequences could erupt in the event of a mass unrest from either ends.Of course there are underlying issues like USA routing for free markets and China supporting a controlled market which may presumably conflict. However, proponents of better relations between China and US believe that the overall good of the world will supersede such small fry differences (Dibb, 2009, p. 4). It is desperate times for US and maybe, that is the reason why they are going for desperate measures. Being into the unchartered waters of financial down-surge, the US has taken stern measures to resuscitate its economy.This is based on the trial and ill luck of an example is them stopping to spend on discretionary items and are tho focusing on only the basics. Through this, they are able to save more and pay down their debts. China has commended this move and say it opens doors for fostering better relationships with other countries (Altman, 2009a, p. 531). In conclusion, hope is not lost even in these difficult times of financial distress. Coincidentally, this crisis coincides with the tenure of Barrack Obama as president and his message of hope even in times of hopelessness.As for now, Atman (2009a, p. 39) say that The united states will have to operate from a smaller global platform-while others, especially china, will have a pass off to rise faster. Critics should nevertheless watch for USAs comeback their slip does not mean they have fallen (Wright, 2009, p. 556). In fact , this should be a chance for both China and USA to demonstrate good leadership by working together. By doing this, the economic crisis-which not only affects the US and China but also other parts of the world will eventually be a thing of the past (Wright, 2009, p. 566).