The United States has the world's biggest military by far,the biggest economy, the best universities, and the strongest financial system. The dollar is the world's bench-mark currency. Surely, if you could pick any hand to play in the game of world politics, this is the hand you would want.Many leaders believe America will face no serious con,petition for at least a generation.
In Three Billion New Capitalists, the acclaimed inter- national trade expert Clyde Prestowitz explains why this belief is a mirage. He describes the powerful trends whose convergence is rapidly shifting wealth and power to Asia-- and why geopolitical clout will follow economic strength.These trends include America's increasingly unsustainable trade deficits and the equally unsustainable buildup of mas-sive dollar reserves in places like Japan and China; the end of America's position as the world's premier place for inven- tion and technological innovation; the role of the Internet in permitting many formerly localized jobs to be done any-
where in the world; and the demographic meltdown of Europe, Japan, Russia and, in later decades, even China. All these trends are given enormous weight by the consequences of the West's great victory in the Cold War, which brought three billion people into the capitalist system for the first time.
How will we deal with a world in which the dollar is no longer the dominant currency, the United States is no longer the dominant power, and people in Slnvenia,
Singapore, and Seattle are all competing for the same work on the same terms? Three Billion New Capitalists is a clear-eyed and profoundly unsettling look at America's and theworld's economic future. |
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