The Next Asia

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Stephen Roach of Morgan Stanley warns that if China thinks it can simply wait for the west to recover before resuming export-dependent growth, it is kidding itself

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Stephen Roach, Morgan Stanley’s perennial bear, had long predicted a terrible reckoning for a supercharged US economy, hopped up on private consumption and propped up by savings-surplus countries willing to fund US debt. When, finally, in 2007, Morgan Stanley sent him to live in his beloved Asia, about which he had always been bullish, his thoughts on that region quickly turned gloomier, too.

In The Next Asia, a collection of essays on the region’s place in the world, Roach could not fairly be described as bearish. “Don’t get me wrong,” he says at one point in a typically down-to-earth interjection. “I am a long-standing optimist on Asia.”

The Next Asia: Opportunities and Challenges for a New Globalisation