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Chimerica

For the play of this title, see Chimerica (play).

Chimerica is a neologism and portmanteau coined by Niall Ferguson and Moritz Schularick describing the symbiotic relationship between China and the United States, with incidental reference to the legendary chimera.[1][2][3][4][5]

Origin

First coined by historian [7]

The accumulation of American debt, which has been estimated at over $800 billion, suggests the two nations are intrinsically linked; the economic symbiosis prevalent between the two suggests that separation would harm both countries and be disastrous for the global economy. Another way to measure this integration is the trade deficit. The US trade deficit with China was $295 billion in 2011, meaning the US imported that much more goods and services from China than it exported to China. The Economic Policy Institute estimated that from 2001–2011, 2.7 million US jobs were lost to China.[8]

The idea of Chimerica features prominently in Ferguson's 2008 book and adapted television documentary The Ascent of Money, which reviews the history of money, credit, and banking.

See also

References

  1. ^ http://jfki.fu-berlin.de/faculty/economics/team/persons/schularick/chimerica.pdf
  2. ^ http://blogs.ft.com/economistsforum/2009/02/how-china-helped-create-the-macroeconomic-backdrop-for-financial-crisis/
  3. ^ http://www.ft.com/cms/s/0/c7804616-d3b7-11dd-989e-000077b07658,Authorised=true.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fc7804616-d3b7-11dd-989e-000077b07658.html&_i_referer=http%3A%2F%2Fsearch.ft.com%2Fsearch%3FqueryText%3DChimerica%26x%3D11%26y%3D5%26aje%3Dtrue%26dse%3D%26dsz%3D&nclick_check=1
  4. ^ Ferguson, Niall (2008-11-17). "'"Team 'Chimerica. The Washington Post. 
  5. ^ Gardels, Nathan (2009-08-27). "Niall Ferguson: Is U.S.-China Economic Marriage on the Rocks?". Huffington Post. 
  6. ^ Ferguson, Niall (2009-06-01). "The trillion dollar question: China or America?". The Daily Telegraph (London). 
  7. ^ a b http://www.the-american-interest.com/article.cfm?piece=533
  8. ^ "U.S. trade gap with China cost 2.7 million jobs", Reuters, August 23, 2012
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