{"id":7210,"date":"2020-05-01T12:00:00","date_gmt":"2020-05-01T02:00:00","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=7210"},"modified":"2020-05-14T08:56:46","modified_gmt":"2020-05-13T22:56:46","slug":"is-this-the-kindleberger-moment","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/","title":{"rendered":"Is this the Kindleberger moment?"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow\"><p> Covid-19 exposes a power vacuum where exceptionalism and tinfoil hat conspiracy theories go hand in hand. <\/p><\/blockquote>\n\n\n\n<p>In 1973 Charles Kindleberger wrote his now&nbsp;<a href=\"https:\/\/www.ucpress.edu\/book\/9780520275850\/the-world-in-depression-1929-1939\" target=\"_blank\" rel=\"noreferrer noopener\">acclaimed book<\/a>&nbsp;on the Great Depression. He argued that it was \u201cgreat\u201d because the global economic system had lost its hegemon \u2013 in less exotic terms, its system manager. In the interwar period, the UK was the system manager, but given the grievous financial damage inflicted by the First World War, it could not fully play the role. The US became the new pretender, yet domestic politics meant it would not step up and take control. The upshot was that there was no one running the system, no banker of last resort to provide liquidity at the moment the world needed it most. The depression became \u201cGreat\u201d. Chaos ruled.<\/p>\n\n\n\n<p>For want of a better term, this could be where we are now, at the Kindleberger moment. Charles Krauthammer at the end of the Cold War famously wrote of the&nbsp;<a href=\"https:\/\/www.foreignaffairs.com\/articles\/1990-01-01\/unipolar-moment\" target=\"_blank\" rel=\"noreferrer noopener\">unipolar moment<\/a>, when America stood like a colossus on the world stage. Today\u2019s Kindleberger moment may be when America forfeits that role and becomes a lesser state, observing the world around it, rather than leading it.<\/p>\n\n\n\n<p>Domestically, the Trump administration appears to have handled the Covid-19 pandemic poorly. In an environment of limitless confusion, the president seems to have ceded control, allowing the 50 states to take the lead individually amid a national emergency that has claimed 50,000 American lives in less than six weeks. Reflecting this leadership withdrawal, two new regional governance blocs have emerged: the\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.gov.ca.gov\/2020\/04\/13\/california-oregon-washington-announce-western-states-pact\/\" target=\"_blank\">West Coast Pact<\/a>\u00a0comprising California, Oregon and Washington State, and the\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.wfsb.com\/news\/govs-including-lamont-join-to-create-plan-to-reopen-economy\/article_b878da7e-7dac-11ea-80f8-93cfcac1c63d.html\" target=\"_blank\">Multi-State Council<\/a>\u00a0comprising Massachusetts, Connecticut, New York, New Jersey, Pennsylvania, Delaware, and Rhode Island. The Trump administration\u2019s dismantling of the \u201cdeep state\u201d appears to have been successful. Turns out, it was more shallow and fragile than expected. The federal government is now fading from view.<\/p>\n\n\n\n<p><br><em>Please click here to read the full \u201c<\/em><a href=\"https:\/\/www.lowyinstitute.org\/the-interpreter\/kindleberger-moment\">Is this the Kindleberger moment<\/a>?<em>\u201d analysis published at The Interpreter, written by <a href=\"https:\/\/www.griffith.edu.au\/asia-institute\">Griffith Asia Institute<\/a> visiting fellow, Dr Peter Layton.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Covid-19 exposes a power vacuum where exceptionalism and tinfoil hat conspiracy theories go hand in hand.<\/p>\n","protected":false},"author":14,"featured_media":7211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[245,1055,1056],"tags":[284,1052,1093,720,1112,1132,1133,1109,1102],"class_list":["post-7210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-china-and-north-east-asia","category-economies-and-development","category-politics","tag-china","tag-coronavirus","tag-covid19","tag-donald-trump","tag-dr-peter-layton","tag-great-depression","tag-kindleberger","tag-the-interpreter","tag-usa"],"acf":[],"modified_by":"Jill Moriarty","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is this the Kindleberger moment? | Griffith Asia Insights<\/title>\n<meta name=\"description\" content=\"Covid-19 exposes a power vacuum where exceptionalism and tinfoil hat conspiracy theories go hand in hand.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is this the Kindleberger moment? | Griffith Asia Insights\" \/>\n<meta property=\"og:description\" content=\"Covid-19 exposes a power vacuum where exceptionalism and tinfoil hat conspiracy theories go hand in hand.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/\" \/>\n<meta property=\"og:site_name\" content=\"Griffith Asia Insights\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/griffithasiainstitute\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-01T02:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-13T22:56:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/04\/Peter-Layton-900-x-500.jpg?fit=900%2C500&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Griffith Asia Institute\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GAIGriffith\" \/>\n<meta name=\"twitter:site\" content=\"@GAIGriffith\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Griffith Asia Institute\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/\"},\"author\":{\"name\":\"Griffith Asia Institute\",\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/8121b8aa336749474cbaca380c03029a\"},\"headline\":\"Is this the Kindleberger moment?\",\"datePublished\":\"2020-05-01T02:00:00+00:00\",\"dateModified\":\"2020-05-13T22:56:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/\"},\"wordCount\":348,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization\"},\"keywords\":[\"China\",\"Coronavirus\",\"Covid19\",\"Donald Trump\",\"Dr Peter Layton\",\"Great depression\",\"Kindleberger\",\"The Interpreter\",\"USA\"],\"articleSection\":[\"Region | China and Northeast Asia\",\"Topic-Economies and development\",\"Topic-Politics\"],\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/\",\"url\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/\",\"name\":\"Is this the Kindleberger moment? | Griffith Asia Insights\",\"isPartOf\":{\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#website\"},\"datePublished\":\"2020-05-01T02:00:00+00:00\",\"dateModified\":\"2020-05-13T22:56:46+00:00\",\"description\":\"Covid-19 exposes a power vacuum where exceptionalism and tinfoil hat conspiracy theories go hand in hand.\",\"breadcrumb\":{\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Is this the Kindleberger moment?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#website\",\"url\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/\",\"name\":\"Griffith Asia Insights\",\"description\":\"Asia Insights is published by the Griffith Asia Institute. It offers latest commentary on Asia-Pacific affairs and aims to inform and foster academic scholarship, public awareness and considered and responsive policy making.\",\"publisher\":{\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-AU\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization\",\"name\":\"Griffith Asia Institute\",\"url\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1\",\"width\":2930,\"height\":308,\"caption\":\"Griffith Asia Institute\"},\"image\":{\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/griffithasiainstitute\/\",\"https:\/\/twitter.com\/GAIGriffith\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/8121b8aa336749474cbaca380c03029a\",\"name\":\"Griffith Asia Institute\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"caption\":\"Griffith Asia Institute\"},\"url\":\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/author\/gaigriffith-edu-au\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Is this the Kindleberger moment? | Griffith Asia Insights","description":"Covid-19 exposes a power vacuum where exceptionalism and tinfoil hat conspiracy theories go hand in hand.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/","og_locale":"en_US","og_type":"article","og_title":"Is this the Kindleberger moment? | Griffith Asia Insights","og_description":"Covid-19 exposes a power vacuum where exceptionalism and tinfoil hat conspiracy theories go hand in hand.","og_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/","og_site_name":"Griffith Asia Insights","article_publisher":"https:\/\/www.facebook.com\/griffithasiainstitute\/","article_published_time":"2020-05-01T02:00:00+00:00","article_modified_time":"2020-05-13T22:56:46+00:00","og_image":[{"width":900,"height":500,"url":"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/04\/Peter-Layton-900-x-500.jpg?fit=900%2C500&ssl=1","type":"image\/jpeg"}],"author":"Griffith Asia Institute","twitter_card":"summary_large_image","twitter_creator":"@GAIGriffith","twitter_site":"@GAIGriffith","twitter_misc":{"Written by":"Griffith Asia Institute","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/#article","isPartOf":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/"},"author":{"name":"Griffith Asia Institute","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/8121b8aa336749474cbaca380c03029a"},"headline":"Is this the Kindleberger moment?","datePublished":"2020-05-01T02:00:00+00:00","dateModified":"2020-05-13T22:56:46+00:00","mainEntityOfPage":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/"},"wordCount":348,"commentCount":0,"publisher":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization"},"keywords":["China","Coronavirus","Covid19","Donald Trump","Dr Peter Layton","Great depression","Kindleberger","The Interpreter","USA"],"articleSection":["Region | China and Northeast Asia","Topic-Economies and development","Topic-Politics"],"inLanguage":"en-AU","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/","name":"Is this the Kindleberger moment? | Griffith Asia Insights","isPartOf":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#website"},"datePublished":"2020-05-01T02:00:00+00:00","dateModified":"2020-05-13T22:56:46+00:00","description":"Covid-19 exposes a power vacuum where exceptionalism and tinfoil hat conspiracy theories go hand in hand.","breadcrumb":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/#breadcrumb"},"inLanguage":"en-AU","potentialAction":[{"@type":"ReadAction","target":["https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/is-this-the-kindleberger-moment\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/"},{"@type":"ListItem","position":2,"name":"Is this the Kindleberger moment?"}]},{"@type":"WebSite","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#website","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/","name":"Griffith Asia Insights","description":"Asia Insights is published by the Griffith Asia Institute. It offers latest commentary on Asia-Pacific affairs and aims to inform and foster academic scholarship, public awareness and considered and responsive policy making.","publisher":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-AU"},{"@type":"Organization","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization","name":"Griffith Asia Institute","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/","logo":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1","contentUrl":"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1","width":2930,"height":308,"caption":"Griffith Asia Institute"},"image":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/griffithasiainstitute\/","https:\/\/twitter.com\/GAIGriffith"]},{"@type":"Person","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/8121b8aa336749474cbaca380c03029a","name":"Griffith Asia Institute","image":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","caption":"Griffith Asia Institute"},"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/author\/gaigriffith-edu-au\/"}]}},"jetpack_featured_media_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/04\/Peter-Layton-900-x-500.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_likes_enabled":true,"featured_image_thumbnail_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/04\/Peter-Layton-900-x-500.jpg","_links":{"self":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/7210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/comments?post=7210"}],"version-history":[{"count":0,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/7210\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media\/7211"}],"wp:attachment":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media?parent=7210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/categories?post=7210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/tags?post=7210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}