How China is Like 19th Century America

[Gerald]

Is China making an unprecedented leap to the top of the global economic hierarchy? Yes, Martin Jacques asserts confidently in his buzz-generating When China Rules the World. He sees the country, which recently passed Japan to become the world's No. 2 economy, rising smoothly to the top spot by continuing to follow a thoroughly distinctive, Confucian-tinged development path. No, say China skeptics like economist John Markin and hedge-fund honcho James Chanos, with equal self-assurance. They predict that bursting bubbles will lead to a Chinese equivalent to Japan's "lost decade" of the 1990s. To them, as George Friedman pithily puts it in his best-selling The Next 100 Years, which is sometimes displayed near Jacques' tome in airport bookstores these days, China is just "Japan on steroids."

http://www.time.com/time/magazine/ar...029400,00.html



Note:Sunday, Nov. 07, 2010