Jeffrey Sachs, " China is not the source of our problems-- corporate greed is"
CNN May 27, 2019
Accessed June 3, 2019
Wise, sanguine, and clear-sighted.
Excellent analysis that transcends the confine of ego, time, and space.
This manifests the real greatness of America: the national ability to self-reflect.
Chong-Pin Lin May 28, 2019
●China is being made a scapegoat for rising inequality in the United States.
●We should understand that China is merely trying to make up for lost time after a very long period of geopolitical setbacks and related economic failures.
●In 1839, Britain attacked China because it refused to allow British traders to continue providing Chinese people with addictive opium. Britain prevailed,
●Toward the end of the 19th century, China lost a war to the newly industrializing Japan, and was subjected to yet more one-sided demands by Europe and the United States for trade. These humiliations led to another rebellion, followed by yet another defeat, at the hands of foreign powers.
●China has roughly followed the same development strategy as Japan, Korea, Taiwan, Hong Kong and Singapore before it. From an economic standpoint, it is not doing anything particularly unusual for a country that is playing catch up.The constant US refrain that China "steals" technologies is highly simplistic.
●Countries that are lagging behind upgrade their technologies in many ways, through study, imitation, purchases, mergers, foreign investments, extensive use of off-patent knowledge and, yes, copying.
●And with any fast-changing technologies, there are always running battles over intellectual property. That's true even among US companies today -- this kind of competition is simply a part of the global economic system. Technology leaders know they shouldn't count on keeping their lead through protection, but through continued innovation.
●The United States relentlessly adopted British technologies in the early 19th century. And when any country wants to close a technology gap, it recruits know-how from abroad. The US ballistic missile program, as it is well known, was built with the help of former Nazi rocket scientists recruited to the United States after World War II.
●If China were a less populous Asian country, say like South Korea, with a little more than 50 million people, it would simply be hailed by the United States as a great development success story.
●Trade with China provides the United States with low-cost consumer goods and increasingly high-quality products. It also causes job losses in sectors such as manufacturing that compete directly with China. That is how trade works. To accuse China of unfairness in this is wrong -- plenty of American companies have reaped the benefits of manufacturing in China or exporting goods there. And US consumers enjoy higher living standards as a result of China's low-cost goods.
●Yet under American capitalism, which has long strayed from the cooperative spirit of the New Deal era, today's winners flat-out reject sharing their winnings. As a result of this lack of sharing, American politics are fraught with conflicts over trade. Greed comprehensively dominates Washington policies.
●The real battle is not with China but with America's own giant companies, many of which are raking in fortunes while failing to pay their own workers decent wages.
●Trump is lashing out against China, ostensibly believing that it will once again bow to a Western power. It is willfully trying to crush successful companies like Huawei by changing the rules of international trade abruptly and unilaterally.
●A trade war with China won't solve our economic problems. Instead we need homegrown solutions: affordable health care, better schools, modernized infrastructure, higher minimum wages and a crackdown on corporate greed.