ts. The upshot is that "China and others are recalibrating their export-led economic strategies" to focus more on domestic demand, argues economist Fred Bergsten of the Peterson Institute. That's good, he says; the world economy will be more balanced. Likewise, erratic capital flows have triggered past finan

lection is the extent to which protectionism is being intellectually rehabilitated in the United States. Respected economists like Paul Krugman and Fred Bergsten have argued that imposing tariffs would be a legitimate U.S. response to Chinese currency policies. A similar shift is underway in America's milit