Imagine: The U.S., as the buyer of last resort, agrees to accept a flood of Asia's exports. This prospect is not likely to appeal to a lot of U.S. CEOs who are already seeing demand for their products and services decline. Nevertheless, a just-released report from the Washington-based Economic Strategy Institute urges adoption of this scenario as a means of returning stability to economically troubled Asia.
Another controversial recommendation: The U.S. and Japan negotiate a comprehensive market agreement aimed at deeply integrating their economies. Among its elements: free-trade provisions and rewritten rules to liberalize investment, antitrust, and administrative practices.