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Is China's success a wake up call for the United States?

Americans have long assumed that in spite its faults the United States has the best overall system in the world. The success of China has cast doubt on that premise. Like it or not, we are in a serious competition with China. What is at stake is the role of the US Dollar as the dominant reserve currency. Power shifted from the British Empire to the United States when the Dollar beat the Pound Sterling. The Chinese Yuan is not yet even a secondary reserve currency but expect that to change.

How should we respond the Chinese competition? Should we view this as a matter of survival and prepare for the inevitable fight, or should we take this opportunity to learn from the Chinese to improve our system?

The first challenge is the Global Climate Change crisis. The world is looking for a country to provide leadership to solve this crisis. If China acts and we continue to be politically deadlocked, China will win the competition for international prestige. The world would be more willing to accept the Yuan over the Dollar.


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    Jul 2 2013: China is doing better but in what sense? China has the most pollution and continued low wage sweatshops...maybe that's why? If it wasn't for all the cost externalities that the Chinese government and corporations buddies used, their GDP and GNP would not rise as rapidly. Not to mention the US is solely dependant on cheap labor from china.

    In other words, the higher the GDP growth in a country, the higher the necessity in that country. Just look at the over all health and environment in china, it speaks for itself (their pollution can be seen from space). So no, the "success" china has had is not a sign of them being better in overall standard of living and quality of health, but its a sign of economic growth, which does not have any ties with a well being of a country, only in efficient money transaction and "cost externalities". Which have detrimental consequences to overall health and environment.
    • Jul 2 2013: The Chinese are using the polluting factories to build wind turbines and solar panels. They at least show some long term planning.

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