OMFIF completes its fourth year by looking back at the 100 years history of the world’s most important central bank, the US Federal Reserve. And we look towards the next 100 years that may be increasingly dominated by China, which will sooner or later catch up the US as the world’s leading economy. Our bumper end-2013 edition contains contributions by more than 20 writers – more than ever before. Probably, to paraphrase Winston Churchill, the Federal Reserve is the worst form of all-encompassing central bank – apart from all the other forms that have been tried. Certainly, coming years will see a tussle between the central banks and other national institutions of the world’s two biggest economies over influence and rewards in the worldwide division of financial and monetary power.
Three distinguished international economic historians, Harold James, Forrest Capie and Richard Roberts, examine the vicissitudes that have accompanied and shaped the Fed since 1913. And five authorities on China – Jonathan Fenby, Linda Yueh, Jinny Yan, Gabriel Stein and Songzuo Xiang – investigate what really went on at the November Chinese Communist party plenum – and what may happen next.