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9 Apr, 2015

US may have lost its role as the world’s economic leader: Lawrence Summers

Tehran, April 8, IRNA – An American economic expert stressed that the end may have come for the US as the world’s economic leader. Larry Summers who used to serve as an Obama economic adviser from 2009 through 2010 wrote in Business Insider that “this past month may be remembered as the moment the United States lost its role as the underwriter of the global economic system.”

Referring to many occasions of crises in the American economy before, he said he could think of no event “since Bretton Woods comparable to the combination of China’s effort to establish a major new institution and the failure of the United States to persuade dozens of its traditional allies, starting with Britain, to stay out.”

“With China’s economic size rivaling that of the United States and emerging markets accounting for at least half of world output, the global economic architecture needs substantial adjustment. Political pressures from all sides in the United States have rendered the architecture increasingly dysfunctional.”

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