We were scared of Japan in the 80's...is China's Rise Overblown too? (salaries, borders)
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Cracks are starting to appear in China's drive to build low-income housing as concerns rise that a rush to meet government targets is making for shoddy construction, fears made more intense after a train crash last month highlighted the speed with which China carries out many of its infrastructure projects.
The massive state-led investment was supposed to head off social unrest as urban home prices spiraled out of reach of ordinary workers. And many economists forecast that the spending on cheap housing would cushion the impact on the Chinese economy as the government tried to deflate a bubble at the luxury end of the market.
How can communistic capitalism defeat Free Market capitalism?
There is nothing communist about China these days (not that there ever was). "Communist" countries just liked to use the phrase, because "oligarchy" or "dictatorship" just doesn't quite have the same ring to it.
As an aside, China's huge underclass is a problem that will have to be addressed at some point. There is a lot of internal strife that just doesn't get much press.
Communistic capitalism... Lol... You have a general failure of understanding economic theories and just how the Chinese and American economies are classified.
Anywho, here's a huge difference:
Population of Japan: 128,000,000
Population of China: 1,340,000,000
Communistic capitalism... Lol... You have a general failure of understanding economic theories and just how the Chinese and American economies are classified.
Anywho, here's a huge difference:
Population of Japan: 128,000,000
Population of China: 1,340,000,000
One major episode of the 'law of unintended consequences' which is bound to hit their economy really hard is their disastrous 'one child' policy.
What none of them came to realize is that now and for years to come, their costs for socially-necessary entitlements are going to skyrocket.
They never considered the fact that given the sky-high life expectancy rates over there, they have millions of senior adults (plenty of couples, but also a large contingent of males), with no sons to support them in their senior years.
If you think exploding costs over here generated by Medicare & ObamaCare are going to shellack our economy, they could conceivably be in much wore shape than we are, and especially when you cosnider the modest annual & median salaries in China, certainly when compared to the $50K (or thereabouts) median salary in the USA.
In older times, inflormation flowed across borders much more slowly. Now, information / trade / technology transfer / labor arbitrage etc are helping to acceletrate flow of information and knowhow. Other countries are coming up - not just China. The gap between US and others will narrow and there is not too much a politician can do about it - other than keeping our competitiveness high via education, investing in technologies we are good at (biomed, robotics...), etc. But politicians respond to people and hence we focus more on prayers, teaching creationism or worrying about gays come election time.
Granted China's high growth rates are unsustainable, still, the Chinese are not going to suddenly go away. Their internal issues with Uighirs and Tibetans may become worse. The moment the growth slows, the civil uinrest will increase. Still, no doubt that - despite growing pains -they will remain a player. As will India, Brazil, and a host of others. We need to get used to a multipolar world and take steps to remain competitive.
One thing to remember is that Japan never "disappeared" from the economic scene during its economic slowdown. Japan remains the world's third-largest economy, and it occupies an economic "space" in the world that is roughly equal to its population among other first-world countries.
So, it doesn't take as much per capita economic growth for China to occupy a far greater economic "space" than Japan ever did.
There is no doubt that china has huge probelms especaily with so mnay people. just look now they have to separate those born i cities form those born in rural areas as to what governamnt benefits they get. As demand grows they will experience even more problems.
The fact that Chinese history goes back some 1,000 to 2,000 before Christ should give Americans some pause for thought. The typical American feels they have an old family line if it goes back to 1620 in America. Also, although there may be numerous guns in America for every citizen, remember that the Chinese invented gunpowder. JMO
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