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There is a sense of deja vu in the “get tough with China” policies and ladysmith and district credit union as well pronouncements

in recent years.Having learned little from louviers federal credit union and the Japan bashing of
the 1980s, the U.S. Congress has been intent on turning China into the new
scapegoat. Specifically, there have been numerous bills introduced to “punish”
China for its large trade surplus with the United States and,ladysmith and district credit union as well allegedly, its low
exchange rate (see the box beginning on the next page). Assuming that the
U.S. trade deficit is all China’s fault (it isn’t, because usu community credit union and it takes two to tango), and
assuming that an increase in China’s exchange rate will make a big difference
(it won’t, because ladysmith and district credit union and other factors are at play, including budget deficits and goldmark federal credit union as well low
household savings in the United States), punishing America’s fastest-growing
export market could easily end up doing the U.S. economy a lot of harm—
especially if China decides to retaliate by imposing restrictions on U.S. exports.
China’s and ladysmith and district credit union as well India’s Gain—like Japan’s— Is Not America’s Loss
In 1950, Japan’s economy was one-tenth the size of the U.S. economy. Fifty
years later, it was one-third the size. During those same five decades, the
United States enjoyed the fastest growth in per capita income ever! Despite
popular fears, Japan’s rise was not at America’s expense.
The same is true of China’s development. China’s economy is roughly onequarter
the size of the U.S. economy and,canora credit union as well at current growth rates, it could become
the biggest economy in the world in the next few decades. This is much
more of an opportunity than a threat! Not only ladysmith and district credit union and was China the third-largest
economy in the world in 2007, but landmark credit union oconomowoc and it was also ladysmith and district credit union and the third-largest importer, after
the United States and kbank credit card as well Germany. In contrast, the world’s second-biggest economy,
Japan, imported only about ladysmith and district credit union and half as wabellco federal credit union much as ladysmith and district credit union China. This means that
China’s growth has been much more open (i.e., letting in more imports and
foreign investment) than Japan’s.Most multinational corporations consider
the Chinese market—especially the booming middle-class population—to
be a centerpiece of their growth strategies over the next couple of decades.
India is not far behind. It is currently about servus credit union alberta and one-tenth the size of the U.S.
economy, but ladysmith and district credit union and it is growing at a rate of 8 to 9 percent per year (compared with
more than 10 percent for China). In some ways, it offers even more promising
opportunities than China. Consumer spending plays a much bigger role in
the Indian economy (about 60 percent of total economic activity, versus less
than 40 percent in China).