China Rising: Will the West Be Able to Cope?: The Real by Jan Willem Blankert

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By Jan Willem Blankert

Why perform a little international locations get wealthy and different nations do not? Does one country's achieve suggest one other country's loss? How can we handle the largest problem of all: the truth that the environment suffers after we all are looking to have our percentage of the cake? those key questions in overseas economics and company are addressed during this well timed booklet. protecting matters akin to fiscal development, the drivers of financial progress and overseas festival, toxins and the department of work, the ebook specializes in China's emergence, yet examples of alternative nations supply context and viewpoint. Written in a jargon-free type but tremendous well-researched, it truly is appropriate for economists and non-economists alike.

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The crucial thing is that technological progress requires labour to adapt, learn new skills and take on jobs that may not have existed before, sometimes in the same sector of activity or related sectors, sometimes in other sectors. I don’t exclude and in fact my hypothesis is that in the EU labour’s capacity to adapt is greater than in the US and that this is more in particular the case for low skilled labour. The reason is, I think and I will elaborate on this point later, that whereas top quality education in the US is probably still the best available (and at least among the best available) in the world, in the EU access to decent levels of education, both professional and general, below that absolute top is greater than in the US.

Today, many may have forgotten (even never heard of) the shock and concern the launch of the Sputnik by the Soviet Union in 1957 caused in the West. The fear was that the West might be “overtaken by the Soviets”. Today’s Western reader may indeed take both democracy and its supposed positive effect on economic growth too easily for granted. We should, however, not forget that the P&L study is about democracy and economic growth, not the level of income achieved. There remains the fact that the 25 richest economies of the world today are predominantly democracies and none of the 25 poorest are.

These countries turned into democracies at an early stage of the transformation process and later in the process their economies started growing again, admittedly, all of them after initially seeing large falls in output. The prospect of joining the EU influenced 21 Peter Nolan, Transforming China, 2004. qxd 18 4/23/2009 5:57 PM Page 18 China Rising: Will the West Be Able To Cope? the transformation process and not least the predictability of the transformation and hence how economic prospects were perceived, among others by investors, including foreign ones.

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