By Jan Willem Blankert
Why do a little international locations get wealthy and different international locations do not? Does one country's achieve suggest one other country's loss? How can we deal with the most important problem of all: the truth that the environment suffers after we all are looking to have our percentage of the cake? those key questions in foreign economics and company are addressed during this well timed ebook. overlaying concerns reminiscent of monetary development, the drivers of financial progress and foreign festival, pollutants and the department of work, the e-book makes a speciality of China's emergence, yet examples of different nations supply context and viewpoint. Written in a jargon-free sort but tremendous well-researched, it's compatible for economists and non-economists alike.
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Extra info for China Rising: Will the West Be Able to Cope?: The Real Long-term Challenge to the Rise of China — and Asia in General
What Is It: Low-Wage Countries or Technology; or Both? In particular American authors and politicians have produced an impressive flood of print on the “they steal our jobs” theme. com/group. qxd 4/23/2009 5:57 PM Page 41 The West Competing with Low-Wage China 41 take as an example “Myths of Free Trade” by American Congressman Sherrod Brown who puts the blame of government’s failure to stop cheap imports on “corporate lobbies”. Brown introduces laid-off steelworker Rich Littleton who laments “I’m 38 years old.
At the same time it took Germany some 25 years of political debate to extend the opening hours of shops on Saturday afternoons. But today there seems to be a real readiness for reform to be emerging, also in “old” Europe. Moreover, many of the Member States that joined since 2004, although poorer than the 15 “old ones”, seem to have increased the dynamism of the EU economy as a whole. 31 In his “The Age of Turbulence”, 2007, Mr. Greenspan criticizes Mr. Bush’s fiscal policy. But when he was in function — when it might still have mattered — he ducked questions on the subject during his hearings with Congress.
In the 1950s, when European productivity was typically less than half of US productivity, so were European wages; today average compensation measured in dollars is about the same. As Japan climbed the productivity ladder over the past 30 years, its wages also rose, from 10 percent to 110 percent of the US level. 40 39 40 A. Harvey, The China Price, 2008. P. Krugman, Pop Internationalism, 1996. qxd 38 4/23/2009 5:57 PM Page 38 China Rising: Will the West Be Able To Cope? The most likely scenario is that in 10, 20 or 30 years from now China and India and other nations which are about to join the ranks of Middle Lower Income countries will have lost their special position in the same manner as Japan has.