Niall Ferguson: The End of ‘Chimerica’

Niall Ferguson writes in the Stand Point Magazine:

Shortly before the anniversary of the great Western credit crunch, I paid a visit to its antithesis: the great Eastern savings splurge. Nowhere better embodies the breakneck economic expansion of China than the city of . Far up the River Yangtze, it is the fastest growing city in the world today. I had seen some spectacular feats of construction in previous visits to China, but this put even Shanghai and Shenzhen into the shade. There was something truly awe-inspiring about the countless tower blocks under construction, the innumerable cranes perched on the city’s hills, the gleaming new highways, the brand-new enterprise zones, the ubiquitous smog. I felt I was witnessing an industrial revolution several orders of magnitude larger than the Industrial Revolution that once filled the cities of the West – of the British Isles and North America – with similar noxious fumes.

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