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Research Report

Shape, Steer, and Sustain:: A US Strategy for the New Global Economic Order

Robert D. Hormats
Foreword by Jon M. Huntsman
Copyright Date: Jun. 1, 2016
Published by: Atlantic Council
Pages: 67
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Table of Contents

  1. (pp. i-i)
    Jon M. Huntsman Jr.

    Despite a world filled with international security challenges, we should not lose sight of the importance of economics to the conduct of world affairs and to the stability of the world order. The astounding progress of our globalized economy lifted millions out of poverty and into the middle class. It brought countries closer together and produced decades of sustained growth, despite a few downturns. It also allowed for many actors—state and nonstate alike—to have common elements in their foreign policies: the constant improvement of the human condition by empowering them with greater opportunity and capital.

    Yet, what we...

  2. (pp. 1-4)

    Ten years ago, most observers predicted a period of smooth sailing for the world economy. Growth was strong in China and much of Asia. Africa was beginning to pick up steam. A Europe whole, free, prosperous, and at peace was feeling very confident about its future. The so-called “Washington Consensus” was considered the gold standard for many countries increasingly accepting market-based reforms.

    Today, the world looks very different. The global economy experienced a major crisis in 2008, and many countries still haven’t fully recovered. Europe faces a series of major economic, financial, social, and political stresses, from outside its borders...

  3. (pp. 5-50)

    US strategy currently places great emphasis on integrating the country more closely with key economic regions. This is especially important at a time when the dangers of splintering and fragmentation are rising in many areas and countries, placing added stress on the global order. The United States has given special attention to regional trade negotiations with key countries in the Asia-Pacific region and the European Union—the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP), respectively. These must be the most important US priorities in the period immediately ahead. While controversial at home, both agreements are of...

  4. (pp. 51-53)

    The goal of this Atlantic Council strategy paper was to identify the six strategic imperatives for the United States to shape, steer, and sustain the new global economic order. Each set of challenges and opportunities requires the United States to assume purposeful and coherent leadership, to ensure the constructive evolution of the twenty-firstcentury international economic order.

    The effort to achieve these goals must be part of an ongoing process. To develop a more comprehensive way forward, and specific plans for implementation, more work will be required in the coming months and years. That will include ways of working with other...