The Ascent of Money Season 1 Episode 6 Chimerica

The Ascent of Money is a six-part documentary series that explores the history of money and its impact on societies around the world. In the final episode, entitled "Chimerica," host Niall Ferguson delves into the complex relationship between the United States and China and how their economic partnership has shaped the world we live in today.

The episode begins with a historical look at how China became an economic powerhouse in the 21st century, particularly through its partnership with the United States. The audience is taken through the various stages of economic development that China has undergone, from the opening up of the country in the 1970s to the decision to peg the yuan to the dollar in the 1990s. Ferguson also discusses the role of American businesses in China, including Wal-Mart and General Electric, and how their investments have helped to spur China's economic growth.

However, Ferguson also highlights the challenges that have accompanied the rise of China. The United States has long been reliant on China for cheap goods and to help fund its deficits, but this relationship has also led to tensions and accusations of unfair trade practices. Ferguson explores the political and economic implications of this relationship, both for the United States and for China.

Central to this episode is the concept of "Chimerica," a term coined to describe the economic partnership between the two countries. Ferguson provides a historical overview of how this partnership came to be and how it has played out over time. He speaks with experts in the field to discuss the pros and cons of Chimerica, including economist Stephen Roach and former U.S. Treasury Secretary Hank Paulson.

One of the key takeaways from the episode is the idea that Chimerica has been both a blessing and a curse for both countries. On the one hand, it has allowed China to become an economic powerhouse and has provided the United States with access to cheap goods. On the other hand, it has also led to trade imbalances and concerns about American jobs going overseas. Ferguson explores these tensions in detail and provides insights into what the future may hold for the relationship between the two countries.

Throughout the episode, Ferguson uses a variety of storytelling techniques to make the complex topic of international economics engaging and accessible. He explores the history of China's rise by visiting factories, interviewing experts, and using archival footage. He also uses graphics and charts to help illustrate the key concepts and data points that are discussed.

Ultimately, "Chimerica" is a thought-provoking episode that explores the complexities and nuances of the economic relationship between the United States and China. It is a fitting conclusion to the series and leaves the audience with much to ponder about the future of the global economy.