Monday, February 14, 2005

The Mighty Economic Engine Known as China - How the Rise of the Next Superpower Challenges America and the World

From The New York Times: Car Clones and Other Tales of the Mighty Economic Engine Known as China

"If the 20th was the American century, then the 21st belongs to China. It's that simple, Ted C. Fishman (CHINA INC. How the Rise of the Next Superpower Challenges America and the World) says, and anyone who doubts it should take his whirlwind tour of the world's fastest-developing economy."

"China still only makes one-twentieth of everything produced in the world, but on the world stage it plays the role of a new factory in an old industrial town," Mr. Fishman says. "It can spend, it can bully, it can hire and dictate wages, it can throw old-line competitors out of work. It changes the way everyone does business."

"One of the most powerful weapons in China's economic arsenal is what businesses have come to know as "the China price." A stampede from the countryside to China's new industrial boomtowns has created a vast low-wage army, working for an average of 40 cents an hour, that can turn out consumer goods of every description even cheaper than Mexican or Malaysian factories can. American factories that cannot deliver to Wal-Mart or General Motors at the China price often face two stark choices: they can go under or set up shop in China." Read more

From npr.org: Book Takes Look at 'China, Inc.'
by Jennifer Ludden
Listen to interview with Ted C. Fishman

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