The rise of China and India will be better for the U.S. than the direst predictions hold -- yet worse than the Panglossian projections of boosters in America and Asia. On the upside, American consumers will clearly benefit from the availability of inexpensive goods and services. American shareholders of well-positioned multinationals will enjoy higher profits. And Americans employed in successful U.S. export sectors will benefit because China and India will buy more Western-style goods and services -- from cosmetics to jets to banking -- as they get richer and increase their consumption.
On the downside, life will be tough for those who are less skilled, less educated, and less able to adapt as the world changes around them. Even many highly skilled American service workers, from programmers to financial analysts, will suffer as low-cost Asian giants target U.S.-dominated businesses. "The individuals who are able to take advantage of the new opportunities do extremely well. Those who are poorly situated get hammered," sums up Gordon H. Hanson, an economist at the University of California at San Diego.
Put that in your pipe and smoke it, Mr. Sexy Frenchie *hah*
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