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It was beautiful vision for corporations, get cheap workforce overseas. Invest billions into China and then wait for those billions to get back to USA. It was t

by lossolo 10y ago

It was beautiful vision for corporations, get cheap workforce overseas. Invest billions into China and then wait for those billions to get back to USA. It was true in the beginning because China imported a lot of tech and goods. They didn't have their own tech. Everything would work great but Chinese were not so stupid, they thought we can create our own products with same quality with our own tech with money we got from west. So they built universities and took best minds from west to teach in those schools. Then they started to make their own products that started to compete with those that need mid-high tech knowledge to produce. At this point globalization stopped being golden egg of western countries economies. That's why you see decline in growth in high developed countries in Europe and USA.

droopyEyelids 10y ago
It's insane that anyone didn't see this coming, because the whole ideological content of the cultural revolution dealt with how international capitalist enterprise can be used to remove wealth from a country, and how to fight against it.
- toomuchtodo 10y ago
  Warren Buffet saw it coming years ago. He even made a cartoon about it! https://www.youtube.com/watch?v=5DvuyvuHmJI https://www.youtube.com/watch?v=5DvuyvuHmJI This clip is from a documentary called IOUSA. A condensed version of the film can be found here: https://www.youtube.com/watch?v=O_TjBNjc9Bo https://www.youtube.com/watch?v=O_TjBNjc9Bo
euyyn 10y ago
> That's why you see decline in growth in high developed countries in Europe and USA. US GDP growth looks about the same since the '80s, with variability due to puntual recessions: http://www.tradingeconomics.com/united-states/gdp-growth http://www.tradingeconomics.com/united-states/gdp-growth Same in the EU since the '90s (where the data starts): http://www.tradingeconomics.com/european-union/gdp-annual-growth-rate http://www.tradingeconomics.com/european-union/gdp-annual-gr...
- toomuchtodo 10y ago
  Based on the last half decade, growth in almost all first world countries is expected to be the lowest in industrialized history. You can't fight demographics (See: Japan). Political parties are just fighting over how we distribute a pie that keeps getting smaller. EDIT: http://www.forbes.com/sites/timworstall/2016/10/12/the-new-normal-us-economic-growth-stuck-at-1-5-1-75-of-gdp/#50e04720122c http://www.forbes.com/sites/timworstall/2016/10/12/the-new-n... http://fortune.com/2016/02/02/end-of-growth/ http://fortune.com/2016/02/02/end-of-growth/
  - euyyn 10y ago
    Re your edits: The first one asserts my point instead of yours (steady year-to-year growth). And the second one is the review of a book, whose author predicts what you claim but for a completely different reason (no more great technological leaps, nothing to do with demographics, globalization, or China).
  - euyyn 10y ago
    Where's that prediction? Is it from a reputable source? Also, GDP growth means the pie keeps getting bigger, even if it's slower.

by lossolo 10y ago

droopyEyelids 10y ago

It's insane that anyone didn't see this coming, because the whole ideological content of the cultural revolution dealt with how international capitalist enterprise can be used to remove wealth from a country, and how to fight against it.

toomuchtodo 10y ago
Warren Buffet saw it coming years ago. He even made a cartoon about it! https://www.youtube.com/watch?v=5DvuyvuHmJI https://www.youtube.com/watch?v=5DvuyvuHmJI This clip is from a documentary called IOUSA. A condensed version of the film can be found here: https://www.youtube.com/watch?v=O_TjBNjc9Bo https://www.youtube.com/watch?v=O_TjBNjc9Bo

euyyn 10y ago

> That's why you see decline in growth in high developed countries in Europe and USA. US GDP growth looks about the same since the '80s, with variability due to puntual recessions: http://www.tradingeconomics.com/united-states/gdp-growth http://www.tradingeconomics.com/united-states/gdp-growth Same in the EU since the '90s (where the data starts): http://www.tradingeconomics.com/european-union/gdp-annual-growth-rate http://www.tradingeconomics.com/european-union/gdp-annual-gr...

toomuchtodo 10y ago
Based on the last half decade, growth in almost all first world countries is expected to be the lowest in industrialized history. You can't fight demographics (See: Japan). Political parties are just fighting over how we distribute a pie that keeps getting smaller. EDIT: http://www.forbes.com/sites/timworstall/2016/10/12/the-new-normal-us-economic-growth-stuck-at-1-5-1-75-of-gdp/#50e04720122c http://www.forbes.com/sites/timworstall/2016/10/12/the-new-n... http://fortune.com/2016/02/02/end-of-growth/ http://fortune.com/2016/02/02/end-of-growth/
- euyyn 10y ago
  Re your edits: The first one asserts my point instead of yours (steady year-to-year growth). And the second one is the review of a book, whose author predicts what you claim but for a completely different reason (no more great technological leaps, nothing to do with demographics, globalization, or China).
- euyyn 10y ago
  Where's that prediction? Is it from a reputable source? Also, GDP growth means the pie keeps getting bigger, even if it's slower.