Codependency of America and China The Chinese and U.S. economies have been locked in an uncomfortable embrace since the 1980s. Although the relationship initially arose out of mutual benefits, in recent years it has taken on the trappings of an unstable codependence, with the two largest economies in the world at risk of losing their sense of self, increasing the possibility of their turning on one another in a destructive fashion. In his new book, Unbalanced: The Codependency of America and China (forthcoming Yale University Press January 2014) Stephen Roach, senior fellow at Yale University and former chairman of Morgan Stanley Asia, lays bare the pitfalls and opportunities of the current China-U.S. economic relationship. He highlights the conflicts at the center of current tensions, including disputes over trade policies and intellectual property rights, sharp contrasts in leadership styles, the role of the Internet, the recent dispute over cyberhacking, and more. In the wake of the 2008 crisis, both unbalanced economies face urgent and mutually beneficial rebalancings. Unbalanced concludes with a recipe for resolving the escalating tensions of codependence. Roach argues that the Next China offers much for the Next America—and vice versa. STEPHEN S. ROACH Stephen Roach is a Senior Fellow at Yale University's Jackson Institute of Global Affairs and a Senior Lecturer at Yale's School of Management. He was formerly Chairman of Morgan Stanley Asia and the firm's Chief Economist for the bulk of his 30-year career at Morgan Stanley, heading up a highly regarded team of economists around the world. Mr. Roach's current teaching and research program focuses on the impacts of Asia on the broader global economy. At Yale, he has introduced new courses for undergraduates and graduate students on the "The Next China" and "The Lessons of Japan," and in 2014 will be offering a new course on the U.S.-China economic relationship. His writing and research addresses globalization, trade policy, the post-crisis policy architecture, and the capital markets implications of global imbalances. Stephen Roach has long been one of Wall Street's most influential economists. His work has appeared in academic journals, books, congressional testimony and has been disseminated widely in the domestic and international media. Roach's opinions on the global economy have been known to shape the policy debate from Beijing to Washington. His 2009 book, The Next Asia: Opportunities and Challenges for a New Globalization (Wiley), analyzes Asia's economic imbalances and the dangers of the region's excess dependence on overextended Western consumers. His forthcoming book, Unbalanced: The Codependency of America and China (Yale University Press, Jan. 2014) examines the risks and opportunities of what is likely to be the world's most important economic relationship of the 21st century. Prior to joining Morgan Stanley in 1982, Mr. Roach served on the research staff of the Federal Reserve Board and was also a research fellow at the Brookings Institution. He holds a Ph.D. in economics from New York University. Mr. Roach is a member of the Council on Foreign Relations, the Investment Committee of the Metropolitan Museum of Art, and the Economics Advisory Board of the University of Wisconsin.

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