Superfusion: How China and America Became One Economy and Why the World's Prosperity Depends on It
During his years as president of Fred Alger and Company, Karabell served as portfolio manager of the highly rated China-U.S. Growth Fund, where his work revealed profound new insights about globalization and increasing convergence of the U.S. and Chinese economies. This complex and sometimes uneasy relationship is the subject of Karabell's latest book, "Superfusion," which he discussed at a recent Milken Institute Forum.
Karabell has traced the recent evolution of this partnership, as China courted U.S. companies and expertise to speed along its aggressive economic reforms. The United States, meanwhile, finds itself deeply in debt to China while also reaping the rewards of Chinese growth.
Now both countries find themselves in an unfamiliar position. After years of seeking closer integration with the United States, China has begun to question the wisdom of that embrace. The United States, buoyed by China's loans, faces a level of dependency that has generated considerable anxiety. The intertwinement has enhanced the global economy yet undermined the sovereignty that governments crave. But Karabell argued that the fusion has advanced too far for either nation to extricate itself without harm. The challenge lies in our ability to fully accept a new paradigm.
Karabell is president of River Twice Research, where he analyzes economic and political trends. He is also a senior advisor for Business for Social Responsibility, which develops sustainable business strategies for Global 1000 companies.
Educated at Columbia, Oxford and Harvard (where he received his doctorate), he is the author of several books, including "A Visionary Nation: Four Centuries of American Dreams" and "Peace Be Upon You: The Story of Muslim, Christian and Jewish Coexistence." He sits on the board of the World Policy Institute and the New America Foundation and is a member of the Council on Foreign Relations. Karabell is a regular contributor to CNBC, and has appeared on NBC Nightly News, CNN, Fox News and The History Channel.