By Jae Ho Chung
The subject of China's upward thrust and what it particularly capability for the worldwide and nearby order is the topic of severe debate. during this quantity, best students tackle China's energy this day, examine China's strength with that of america, and forecast China's strength in 2025.
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Extra info for Assessing China’s Power
The economist Arthur Lewis identified the moment when a developing economy exhausts the gains from new entrants into the labor force and from shifts of rural to industrial employment. This is now called the Lewis turning point. 15. YouGov poll (April 26–May 2, 2012), p. 26. dartmouth. pdf. 16 . “President Obama Speaks on Education and High School Redesign,” video posted on the White House website, April 7, 2014. whitehouse. gov/photos-and-video/video/2014/04/07/president-obama-speaks-education-andhigh-school-redesign .
Admittedly, it is much harder to assess the relative quality of China’s higher education and R&D. Without even going into the business of projections, this and other available figures, such as China’s training of engineers, suggest that our intuitive baseline for China’s future growth is wrong. In fact, this is also shown in very interesting social tensions that are already cropping up. There are currently 125 blue-collar job openings for 100 applicants versus 80 white-collar job positions for 100 applicants.
Joseph Schumpeter based his theory on the earlier discovery by Nikolai Kondratiev of economic supercycles averaging 50 years. 11. Ezra Vogel, Japan as Number One, Lessons for America (Cambridge, MA: Harvard University Press, 1979). 12 . Seignorage refers to the profit derived from the privilege of printing money—and is often cited as an advantage for the US dollar as the only truly global currency. We argue that the size and control of China over its capital markets also gives it a significant edge.