China is no doubt on a stampede to over come the west, perhaps the world. It’s economy will, by some studies, surpass the United State’s in 10 years. It will become the largest on earth, volume wise, surpassing the US. According to recent statistics, the US $16.24 trillion dollar economy is currently only about one third larger than China’s, at $12.26 trillion. Thus, China’s economy is at a relatively striking distance to match and eventually overtake the US economy in size.
And it’s already beat Russia. Now what? In this compendium of four posts, we dive into the deeper story of state capitalism, which China has embraced, and look at how that might affect economies worldwide.
The increasing importance in recent years of China as a world power, and to a much lesser degree Russia’s emergence, have arisen some logical unease and questioning about how Western societies will fare in the new world order over the coming decades, given the inevitable interconnectedness among nations.
Both Russia and China shared a roughly similar past during the last century, given that in both instances despotic regimes (Imperial China and Russia) were overthrown through military revolutions by Communist insurgencies, which in the process became authoritarian regimes. However, there are four major differences between these nations.
State Capitalism and Western Society (Part Three): What Lies Ahead for China and Western Capitalism?
The Chinese economic success has been beyond what the most optimistic projections originally foresaw. How to reconcile the traditional Western capitalistic economic model with the Chinese version? There are three fundamental points to consider.
State Capitalism and Western Society (Part Four): Does China Have What it Takes to Continue its Growth Spurt?
A mostly inward looking political system has difficulty in attracting and retaining talent from abroad —like in present day China. The attraction/retention of talent is an indispensable element in achieving technological parity and leadership relative to other countries.