Word: globalization
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Dates: during 2000-2009
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...bank lending this year has wound its way into equities. Why isn't the money going into new businesses? The evidence suggests that in key parts of the economy growth remains anemic, particularly the important export-manufacturing sector, which continues to suffer from the reduction in global demand. According to a report from Fitch Ratings in the U.S., Chinese lending continues to accelerate even though corporate profits overall are shrinking - suggesting that China may be incubating its own financial crisis that could be triggered when the adrenal rush of the stimulus wears off. (Read "Is a China Stock Bubble Forming...
...China's economy continues to power ahead, it will probably not, on its own, be enough to drag the rest of the world into a recovery. Size matters. The U.S. has a $14 trillion economy; China's is $4.4 trillion. The U.S. accounted for nearly 21% of total global GDP last year; China just 6.4%. Chinese consumption, in other words, is growing - but is still insufficient to lift the world's advanced economies out of recession. Consumer spending drives less than 40% of China's GDP; in the U.S. before the bust, the consumer accounted for almost 70%. With American...
...resilience of the Chinese economy is no mirage. If Beijing can come through the global crisis without an economic meltdown of its own, its leaders' reputation and confidence will be boosted. An economic model that survives the worst downturn since the Great Depression will have undeniable appeal in the developing world, at a time when the Washington Consensus is thoroughly shot. Beijing, before the crisis, was already rising, its global reach and influence expanding. As the rest of the world falters, that is truer than ever. China is not yet the leader of the global economy. But it's getting...
...found myself thinking of that while reading a new book by Martin Jacques, a British journalist turned academic. Jacques' tome is called When China Rules the World: The End of the Western World and the Birth of a New Global Order, and his thesis, which he advances with a depth of argument often missing in similar works, is made plain enough by his title. The most likely scenario for the future, Jacques writes, is that "China continues to grow stronger and ultimately emerges over the next half-century, or rather less in many respects, as the world's leading power...
...China differ from those in modern Western societies. All of this, Jacques argues, means that the 21st century will be one of "contested modernities." Until around 1970, he says, modernity was, with the exception of Japan, "an exclusively Western phenomenon." But as China assumes a bigger role in global economics and politics, that is changing. (See pictures of China's infrastructure boom...