U.S. Foreign Policy and Asia: Peace and Prosperity or Instability and Crisis?

Should the U.S. reassess its grand strategy and as part of this reassessment change its policy perspective strategically in Asia? These are difficult and contentious questions. However, given the current turbulence in global politics and political economy, their importance is undeniable. I argue that the US should change its grand strategy, giving up hegemonic practices and working multilaterally with other nations---particularly the BRICS in order to achieve the twin related goals of global peace and economic prosperity. U.S. policy towards Asia is much more than mere regional policy. As the largest continent on our planet, to a large extent Asia holds the key towards the global future for better or worse. U.S. relations with Asia are, therefore, crucial for any reasonable assessment of various pathways to the global future. It is my hope that wise reciprocal (or even wise unilateral U.S.) policies will open the door towards a better planetary future. Part of this changed strategy will be to build the institutions for a hybrid global financial architecture where regional financial architectures play a crucial role for averting financial and economic crises. To this end cooperating with East Asia in particular is of great strategic significance.