The Dragon Awakens: China, How Did It Happen?
Hamish McRae writes in The Independent:
China’s growth over the past few years has been nothing short of miraculous, and it is predicted that the economy will overtake America’s within a generation. But how did it all happen? And what are the implications for the rest of the world?
What is happening in China is the greatest economic story on the planet. It is the world’s biggest boom – and not just the biggest boom right now, but the biggest boom that has ever occurred in history. It is having profound effects on our daily lives, from cheaper goods in the electronics shops to more expensive petrol at the pumps. It is also having a profound effect on global power. This year China will in all probability pass Germany to become the world’s third largest economy, after the United States and Japan. It seems likely to pass Japan within a decade and it is possible, though this is much less certain, that it will pass the US within a generation.
So we are seeing a reordering of the world. It is inexorable and probably inevitable, but where might it run and what could that mean for the rest of us?
POSTED COMMENTS: 2 Responses
Wow. We sure believe that the economy of China, which is built on a house of cards, is going to be around forever.
Maybe if we all are willing to accept slave labor and a country that is a prison to most of the population then China will be something to behold.
I predict that sooner or later China, as we know it, will collapse. Their economic model will not work in the long term.
But people are in such awe. They refuse to see the reality of the situation. They just see the dollars.
Live From Las Vegas
The Masked Millionaire
Every country in the world will collapse sooner or later.
China has “collapsed” again and again in the past 5 millenia. But China has still managed to have the world’s largest economy for 18 of the past 20 centuries.
People are in awe because China has a habit of achieving what economists and political scientists consider “absolutely impossible”.