Morris Goldstein is the Project Director of this Report of an Independent Commission Sponsored by the Council on Foreign Relations....

The ongoing Asian financial crisis has graphically demonstrated the shared Western stake in the Asian economy as the United States and Europe face falling exports to Asia and rising imports from the region. In 1998, both the European and U.S. trade imbalances with Asia grew by more than $50 billion each, and those imbalances are still growing....

China is emerging as a new great power in Asia. But what kind of power will China become--a wealthy trading partner or a belligerent adversary? Will expanding economic links between China and the world community bring about political moderation in Beijing?...

Information technology accounts for over one-third of recent U.S. GDP growth and nearly two-thirds of corporate capital investment. \'\'The New Economy\'\' appears omnipresent, but little is actually known about its workings....