whitebread

The economic gap between America and a rising Asia has certainly narrowed; but worrying about it is wrong for two reasons. First, even at its present growth rate, China’s GDP will take a quarter of a century to catch up with America’s; and the internal tensions that China’s rapidly changing economy has caused may well lead it to stumble before then. Second, even if Asia’s rise continues unabated, it is wrong—and profoundly unAmerican—to regard this as a problem. Economic growth, like trade, is not a zero-sum game. The faster China and India grow, the more American goods they buy. And they are booming largely because they have adopted America’s ideas. America should regard their success as a tribute, not a threat, and celebrate in it.

–The Economist

Read the full article