On Sat, 28 Feb 2004 19:01:38 -0700, Willi wrote:



Peter Charles wrote:





There's no doubt that the WalMartification of the US ecponomy is
causing some shifts and that the current adiminstration's policies are
making things worse, but I doubt the US is going to drop into second
place any time soon. The EU is a bigger economy than that of the US
but, unless the US bullies and scares it into greater unitly, its
members will continue to behave like squabbling hens. China still has
a very long way to go. Russia is only just emerging from basket case
status.

The biggest threat to the US primacy is still an internal one.


In terms of standard of living, China does have a long way to go, but
that just gives them more room for economic growth. China's Gross
Domestic Product has averaged 10% growth over the last 25 years and is
currently at that rate. The US has averaged a little over 3% and is
presently at that rate. By my figures, China's GDP should surpass the
US's within 10 years. After that, I think the US gets left in the dust.
The cat is out of the bag in China and I see their present situation
similar to where the US was during the Industrial Revolution.

Willi


Nothing goes straight up forever, especially in economics.

Peter

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