I was watching T.V the other day, the weather channel.
And they have a running ticker-tape of sorts that gives the latest news.
Thats right. China again.
It has now overtaken the U.S as the world's second biggest exporter - with exports growing an amazing 27% in just one year!
Click here to read it.
Frankly, I like the idea of an economically multipolar world (though not of a militarily multipolar world). More competition means less special interest groups. And in many important ways the success of the U.S.A has been because it had little competition and was thus open to being a HUGE special interest groups bonanza. For e.g, I read that 50-65% of graduate students in hard science fields in US colleges are foreigners.
Why is this a good thing? Am I anti-U.S.A?
Not particularly, but I dont like restrictions on my life options and opportunities. When you think about it, there are massive restrictions in the USA. Its only 'selling point' was that other places had worse restrictions giving the USA a comparative advantage - for people of talent themselves and also as a place to park their money.
The US has affirmative action which effectively makes 20% of coveted University seats off-limits to people who deserve them. Ditto the job market. And my personal favourite - the wise Supreme Court Griggs Vs. Duke Power Co. and its aftermath.
As foreign countries rise in eminence, pressure will build to dismantle a lot of this bunk - and paradoxiacally, return the US back to what its founding fathers by and large wanted it to be - a (classical) liberal country.