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Globalization increases competition benefiting consumers. It also benefits American producers and workers by motivating them to create better goods and services that, through globalization, can reach world markets. In turn, this creates more opportunity and jobs back home. All Americans are the beneficiaries!
Your example and experience just prove above theory to be true.
I agree with your point. Would I rather have manufacturing jobs paying well for the less skilled than working at Wendys? Absolutely, but I also realize that globalization coupled with technology is changing the scope of things.
Even the Chinese seem to realize that the unfettered expansion they have had has created issues, such as pollution.
I agree with your point. Would I rather have manufacturing jobs paying well for the less skilled than working at Wendys? Absolutely, but I also realize that globalization coupled with technology is changing the scope of things.
Even the Chinese seem to realize that the unfettered expansion they have had has created issues, such as pollution.
bolded = gold
Don't forget the non-fuel resources such as topsoil, water and waste-absorbing capacity that the Chinese are (over)gobbling.
China cannot cut energy consumption without sacrificing GDP,the country also cannot afford not to.
Gold holdings also provide an added layer of security when it comes to issues of international trade. Never forget the power of gold reserves, any investors will tell you to hold at least a small amount of gold in your investment portfolio.
The per capita income will be lower than in the United States for decades to come. This is the reality.
The reality is the average income in China is now just as large as in Brazil or South Africa or Mexico. But in the 1980s it was maybe 1/8th of what it is now. One third of the Chinese population met the UN definition of poor which is an income of $1.50 a day! Since then then this kind of drastic poverty has been eliminated and Chinese incomes on average have increased by 800%. If Average Americans had enjoyed the same success that the Communist Party has achieved in China , the average American (Middle Class) income today would be $250,000 and our GDP would be 75 Trillion dollars instead of the mid 30 thousands and 17 Trillion. The economic reality in America is that our economy for nearly 80% of us has stagnated since 1980 and all the economic magic of modern technology and investment in it has happened in China and to some extent in the other BRICS nations with the exception of Russia (For the average Russian now earns less than the average Mexican). The genius of Deng Zhou-ping and the men he mentored and their sucessors who have guided China since the 1980s is they got America's high net worth investors to finance the elevation of China to the front ranks of nations in economic and technology terms. The bitter sweet reality is virtually all of that money invested in China by outsiders (mostly Americans) could have been invested here in the United States and maybe pushed this nation years into the future- a future we wont be seeing for another generation or two. Capitalism works and has created hundreds of millions of new jobs but in China not the United States and one can blame the richest 1% of Americans for this!
As recently as 2000, the US economy was TRIPLE that of the Chinese economy. Thanks to China most favored nation trade status, the bastard child of Bill Clinton, the Chinese economy is larger than that of the US!
Hillary wants to "recreate" the Clinton presidency. I wonder which nation she will sell out to?
China is growing, and so are we. I am sorry if it offends you, but it is actually quite meaningless whose economy as whole is largest.
US GDP per capita = $53 000 (up from $44 000 in 2005)
China GDP per capita = $6 800
Anything else?
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