Principal J2Z Advisory, LLC
Founder, World Economic Roundtable, New America Foundation
“Building a Bridge to a Tri-Polar World Economy: An American Growth Strategy”
In a recent World Economic Roundtable paper, Jay Pelosky, Principal at J2Z Advisory, Founder of New America Foundation’s World Economic Roundtable and former global strategist at Morgan Stanley, lays out a roadmap for repairing America's broken economic growth model while helping stabilize the global economy. Entitled "Building a Bridge to a Tri-Polar World Economy: An American Growth Strategy," the paper explains why the current mix of easy monetary and tight fiscal policy is producing the worst of both worlds: stagnant economic growth, on the one hand, and the risk of new asset bubbles and competitive devaluations, on the other. Pelosky argues that U.S. policymakers must come to grips with a world economy of weak global demand and abundant capital that is the result of economic troubles in Europe and Asia. These conditions are likely to persist well into the next decade, thus continuing to render current policy ineffective. He therefore proposes a strategy to leverage America's access to global financial and human capital to rebuild its infrastructure, maximize the promise of what he calls the "rebirth of Middle America," and take advantage of the economic growth opportunities in our own hemisphere. By pursuing this strategy, the United States can lay the foundation for a more robust U.S. economy, contribute to global demand and reduce beggar-thy-neighbor risk, and provide a model and incentive for Europe and Asia to pursue their own demand-deepening adjustment strategies. This "would set the stage for globalization's next iteration: a more balanced tri-polar world economy."
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