The United States Underestimates China’s Economic Challenge at Its Own Peril

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    • #436467
      ZimInSeattle
      Participant
      • Total Posts: 2,199

       

      Photograph Source: Beam887 – CC BY 2.0

      The economy of the People’s Republic of China has been growing much faster than that of the United States for decades. So too has China’s average real wage. China is now the world’s second superpower, catching up to the United States economically if not (yet) militarily. Its political influence grew alongside its GDP. Where once the chief scapegoat for the U.S. was the USSR/Russia, China has replaced the latter in that position. The global tourist industry courts Chinese big spenders.

      China’s technical advances continue to amaze and impress most of the world.

      The basic story here replicates in large part the story of the United States and the British Empire. The United States was once a mere colony, humiliated as well as economically abused by its colonizer. China suffered similarly at the hands of its colonizing abusers, although it was able to avoid formal colonial status, except for some enclaves. Resentment and bitterness accumulated in the American revolutionary break from its colonial status in the late 18th century. The same happened in China in the middle of the 20th. In the War of 1812, the new United States proved that the British Empire could not undo the American Revolution. In the Korean War, the new People’s Republic of China proved that the U.S. empire could not undo the Chinese Revolution.

      Independence unleashed rapid economic growth in the United States, which caught up to and overtook its colonizer economically across the 19th century. World War I marked the reversal of roles between the United States and the UK. On many levels—political and cultural as well as economic—the dominator and the dominated changed places. Across the 20th century, the United States displaced (and itself replaced) the British and other European empires to become the global hegemon. After stumbling badly in the Great Depression, it responded with the New Deal’s burst of social democracy. On that basis, the United States undertook to make the rest of the world copy what it labeled a “people’s” or a “welfare” capitalism that represented the epitome of human development. By the beginning of the 21st century, critics labeled UK Prime Minister Tony Blair as “America’s poodle” for his slavish subordination to the George W. Bush regime in the United States.

      More: https://www.counterpunch.org/2021/07/22/the-united-states-underestimates-chinas-economic-challenge-at-its-own-peril/

      "Poverty is the parent of revolution and crime" - Aristotle "The more I see of the moneyed peoples, the more I understand the guillotine" - George Bernard Shaw "Those who make peaceful revolution impossible, will make violent revolution inevitable" - JFK "If wars can be started by lies, they can be stopped by truth." ~ Julian Assange #SurviveAndRevolt

    • #436472
      gordyfl
      Participant
      • Total Posts: 1,790

      When was the last time the U.S. had a positive trade surplus? 1975 — 41 years ago.

      A good measure of a country’s economic health is its balance of trade — the difference between the value of imports vs exports.

      A positive balance, or a “surplus” is favorable because it indicates an inflow of money from other countries into the U.S.

      Jobs in the U.S. such as those in manufacturing have often been replaced by lower-paying jobs such as those in retail. Some economists contend that the U.S. is borrowing to fund consumption of imports while accumulating unsustainable amounts of debt.

      https://www.thoughtco.com/history-of-the-us-balance-of-trade-1147456\

      Then there is the U.S. national debt ($28.6 Trillion) . . . and artificially low interest rates.

      Just yesterday I saw a discussion about China in a group which appeared to be mostly seniors. They were talking about “nuking China”. Imagine that. Anti-China rhetoric is having its effect.

      How do we prevent the U.S. from becoming #2 economically? (or prevent China from becoming #1) I don’t know. I think it’s inevitable. I just hope World War 3 is not inevitable.

       

    • #436533
      Earthartist
      Participant
      • Total Posts: 1,523

      I have seen similar comments on twitter luckily they are mostly younger and seemingly wiser Who get it. Their is no stopping China or Russia for that matter the US is done it will be relegated to the side. It always amazes me these morons are not capable of understanding what happens when you neglect infrastructure and the economic wealth of your citizens.  No we are more interested in shooting our penises into almost space

      Earthartist

    • #436535
      David the Gnome
      Participant
      • Total Posts: 3,230

      In almost every way that matters.  I do not think they would be likely to start a third world war simply because they dont have to.  If things keep going as they are, China will soon soar past the U.S. in terms of economy and technology – then military.  In some ways they are already ahead.

      I’m a lot more concerned with what the U.S. might do in fear of losing its military superiority.  Assuming the powers that be decide they will fight a war to prevent that, we can expect greatly increased rhetoric and propaganda war.  Deeper suspicion, more frequent accusations that may or may not be fact based.

      Followed by, probably, a false flag attack.  One devastating enough to attempt to justify all out war.

      Probably not.  The corporations have too much invested in China for that – and they are the ones that really rule this Country….

      Still “accidents” happen.

    • #436560
      Punxsutawney
      Moderator
      • Total Posts: 2,181

      Have sold the working people of this country out so they could make a buck. Whether it’s scumbags on the corporate side like Jack Welch or Carly Fiorina, or their equivalent on the political side like the Clinton’s, Obama, Biden, or Romney and the rest of the Rethuglicans. Or my local idiot rep who thinks that exporting potatoes is the economic equivalent of high tech manufacturing.  All this bs from the 90’s about how sending our jobs to China would make them democratic was just that.

      What’s been 40 + years in the making won’t be undone overnight, and is going to be painful, but doing nothing will be even more. And with wealth believing they are invulnerable to the consequences…well nothing is going to fundamentally change. .

      In America, “Liberty” means “Free to Die in Service of Capital” - Amfortas the hippie.

      Most of today’s elites have the moral and social reasoning capacities of spoiled toddlers.

      “People of privilege will always risk their complete destruction rather than surrender any material part of their advantage...but the privileged also feel that their privileges, however egregious they may seem to others, are a solemn, basic, God-right. The sensitivity of the poor to injustice is a trivial thing c

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