Wednesday, October 7, 2009

Rising China

I was reading this article in UK’s The Independent, that peeked out on October 06, 2009 (Webpage http://www.independent.co.uk/news/business/comment/sean-ogrady-china-will-overtake-america-the-only-question-is-when-1798176.html) and boasting this headline “China will overtake America, the only question is when”. Isn’t this a candid assessment of the reality of tomorrow’s world? Isn’t this something that will occur one day? 16 years? 20 years? 25 years? No matter, it will happen. The relentless rise of China is inevitable. Sean O’Grady had written: “…The brutal truth is that for most of the next decade China's economy will grow by more than 10 per cent a year; America's by less than 2 per cent. China will soon be the world's largest economy, and largest creditor nation, a position enjoyed by a pre-eminent America in the 1950s.

Now America is the world's greatest debtor, she can no longer sustain her role as protector of the world's only reserve currency in the long term. The humbling of Wall Street was proof that the American system was not invincible”. The economic power equation is gravitating toward the east – interesting, isn’t it? The Middle Kingdom will reign once again.

In fact, John Ikenberry, Albert G. Milbank Professor of Politics and International Affairs at Princeton University and the author of After Victory: Institutions, Strategic Restraint, and the Rebuilding of Order After Major Wars, contends that the world will witness “the grand ascendance of China and the onset of an Asian-centered world order” (2008 essay: “The Rise of China and the Future of the West”). Like, wow!

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