August 1, 2013
BATTER UP!:
Identifying China's successors : As costs rise in China, businessmen are moving their factories to countries where they can manufacture more cheaply. (George Friedman, 31 July 2013, MercatorNet)
China has become a metaphor. It represents a certain phase of economic development, which is driven by low wages, foreign appetite for investment and a chaotic and disorderly development, magnificent in scale but deeply flawed in many ways. Its magnificence spawned the flaws, and the flaws helped create the magnificence.The arcs along which nations rise and fall vary in length and slope. China's has been long, as far as these things go, lasting for more than 30 years. The country will continue to exist and perhaps prosper, but this era of Chinese development -- pyramiding on low wages to conquer global markets -- is ending simply because there are now other nations with even lower wages and other advantages. China will have to behave differently from the way it does now, and thus other countries are poised to take its place.
But perhaps no other nation has begun its decline from such a stunted point of development.
Posted by Orrin Judd at August 1, 2013 5:54 AM
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