2016: when China overtakes the US After more than a century as the world's largest economy, the US will need to adjust to its declining global hegemony

2016: when China overtakes the US

After more than a century as the world's largest economy, the US will need to adjust to its declining global hegemony

Growing China Not Seeking Global Empire

from RealClearWorld by Mark Weisbrot, The Guardian

Mark Weisbrot, The Guardian
First, let's consider the economics. China has been the world's fastest growing economy for more than three decades, growing 17-fold in real (inflation-adjusted) terms since 1980. It is worth emphasising that most of this record growth took place (1980-2000) while the rest of the developing world was doing quite badly by implementing neoliberal policy changes – indiscriminate opening to trade and capital flows, increasingly independent central banks, tighter (and often pro-cyclical) fiscal and monetary policies, and the abandonment of...