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The rise of the Chinese economy in the 21st century is reminiscent of that of another country, says Oded Shenkar. And that country isn’t Japan or some of its Asian neighbors in the 1980s – it is the United States a century ago, according to Shenkar's new book.
Newswise — The rise of the Chinese economy in the 21st century is reminiscent of that of another country, says Oded Shenkar. And that country isn’t Japan or some of its Asian neighbors in the 1980s – it is the United States a century ago.
Shenkar, a professor of management and human resources at Ohio State University’s Fisher College of Business, is author of the new book The Chinese Century: The Rising Chinese Economy and its Impact on the Global Economy, The Balance of Power, and Your Job. (Wharton School Publishing, 2005).
In the book, Shenkar says too many Americans have been lulled into complacency, thinking China is another Japan, a country that will challenge America’s economy for a while, and then fade from the headlines.
“China has what it takes to challenge the U.S. economy to a greater extent than did Japan, or any other country ever has,” Shenkar said.
“This does not mean the decline of American civilization. But we have to understand what is happening and make adjustments, because China is on the rise.”
Growing at a faster clip than any other major nation, China is on course to surpass the United States as the world’s largest economy within 20 years. China-based factories already make 70 percent of the world’s toys, 60 percent of its bicycles, half its shoes and one-third of its luggage.
One of the major advantages China has is low wages – about 30 times lower than those in the United States. But Shenkar said it is a mistake to think that low wages is the only advantage China has. Full: http://researchnews.osu.edu/archive/chinecon.htm