The world’s economic order historically changes significantly once every century. However, few people in the West understand the implications of this change or how to adapt to the new order. In ‘America as No.3: Get Real About China, India, and the Rest’, Hugh Peyman delivers a powerful and timely message: the era of Western dominance without challenge is ending, and the West must adapt for everyone’s benefit. According to the OECD, China’s Real GDP on a Purchasing Power Basis is already 27% higher than that of the United States. By 2050, China will be 70% larger, and India will be in second place, with the United States in third place.
There are three imminent shocks that the West must face head-on: economic, demographic, and competence. As economic power undergoes a significant shift, the global decision-making landscape is rapidly changing, and the exclusion of China, India, and the rest must come to an end. Recent events, like the COVID pandemic, Afghanistan’s crisis, and domestic turmoil, have raised serious questions about Western competence in managing critical issues and preventing potential disaster.
The book emphasizes the importance of a Biden-Xi Grand Bargain, similar to the historic agreement between Nixon and Mao. Peyman suggests that leaders should follow the wisdom of Yin and Yang, acknowledging that opposites can work together to achieve lasting mutual gain. By taking advice from economists, particularly development economists, and business experts with a deep understanding of China, the West can navigate these challenges with wisdom and foresight to address critical threats, such as environmental crises and the possibility of nuclear war.
Hugh Peyman provides readers with insight into the emerging New New World and offers a roadmap for embracing change positively. This is a timely and thought-provoking read, as US-China relations continue to suffer, demonstrating how prolonged economic disruption and even nuclear war can be avoided.