Will the East's New Capitalists Put America in Second Place?

The Washington Times (Washington, DC), July 24, 2005 | Go to article overview

Will the East's New Capitalists Put America in Second Place?


Byline: William H. Peterson, SPECIAL TO THE WASHINGTON TIMES

Slant of this work can be seen in its Chapter One heading, "Icebergs Ahead." Yes, the giant U.S. economy is cast here as the Titanic, speeding through the night while ignoring warnings of looming icebergs. Clyde Prestowitz, head of Washington-based Economic Strategy Institute, supportee (one of many) of billionaire textile protectionist Roger Milliken of South Carolina, author of this well-written first person singular book, ticks off some iceberg warnings, some in the form of headlines from January 2005 newspapers:

* New York Times, January 25: DOLLAR'S STEEP SLIDE ADDING TO TENSIONS U.S. FACES ABROAD

* Financial Times, January 24: DOLLAR AT THE MERCY OF SMALL GROUP OF CENTRAL BANKS

* Wall Street Journal, January 24: CHINA ON PATH TO OVERTAKE U.S. ECONOMY

* Wall Street Journal, January 24: BIG SILICON VALLEY FIRMS THRIVE BUT JOBS ARE FEW

Granted these headlines portend a gloomy U.S. outlook. Granted too our economy - to invoke a winked comment by J. P. Morgan asked to forecast the economy during Congressional testimony back in the 1930s: "It will fluctuate." But the Prestowitz "icebergs" are still selective, backing up his subtitle, "The Great Shift of Wealth and Power to the East."

Which raises the question: Is that shift, if that's what it is, with its "globalization" bad for America? Mr. Prestowitz weighs the case of communist China, boasting a population of 1.3 billion. China almost collapsed from Mao's disastrous postwar "Great Leap Forward" of all out socialism. Deng Xaioping rescued it in 1978 (Mao died in 1976). Deng got the Chinese Communist Party to adopt "4 Modernizations:" increasing rural incentives and incomes; boosting new private enterprises; slashing central direction; and sparking foreign direct investment, soon luring in GM, GE, Motorola, Starbucks, etc. Deng brazenly said heretical things like "to get rich is glorious" and my gem: "It makes no difference whether a cat is white or black as long as it catches mice." Anyway, the Chinese economy has taken off like a rocket. Is that bad for America?

Ditto India with its population of 1.1 billion. After World War II it tried socialism under Prime Minister Jawaharlal Nehru. The result was what my New York University mentor Ludwig von Mises called "planned chaos." A statistic that tells it all. In 1938 India's share of world trade was almost three percent; in 1980 it was 0.5 percent. Much credit for India's turnaround today goes to its present Oxford-educated prime minster, Manmohan Singh, an admirer of Margaret Thatcher and an authority on free trade. Recently he put before India's parliament a plan to free up free enterprise by - to quote Mr. Prestowitz - "slashing tariffs and other trade barriers, deregulating and privatizing, attracting foreign investment, and fostering export-led growth. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Will the East's New Capitalists Put America in Second Place?
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.