For the better part of the past decade the world economyhas been dominated by a unique
geo-economic constellation that we have called Chimerica: a world economic order
that combined Chinese export-led development with US over-consumption on the basis
of a financial marriage between the worlds sole superpower and its most likely future
rival (Ferguson and Schularick, 2007). For China, the key attraction of this marriage was
its potential to propel the economy forward by means of export-led growth. Thanks to the
Chimerican symbiosis, China was able to quadruple its GDP since 2000, raise exports by
a factor of five, import western technology and create tens of millions of manufacturing
jobs for the rural poor. For America, Chimerica meant being able to consume more, save
less and still maintain low interest rates and a stable rate of investment. Overconsumption meant that between 2000 and 2008 the United States outspent its national
income by a cumulative 45 percent, i.e. total U.S.
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