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China & India are -not- the new economic powerhouses

JohanVIA · 10 · 2717

JohanVIA

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China and India are not the new economic powerhouses

In case you think I doubt economic facts that the rest of the world agrees upon, don’t worry.
It is just the way of presenting them as the “new” powerhouses, which is not correct from a historical perspective:
China and India have almost always been the major economic powers in the world.

Continue reading on my blog: http://www.valueinvesting.asia/chinaindia.html


GIG

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Reply #1 on: Jul 22, 2014, 11:11 AM
Interesting JohanVIA . "Major Economic power in the world" I also doubt that. I think the appropriate word is the country having the biggest GDP as what the table is representing and nothing more. The author just extrapolated that having the biggest GDP you also have the greatest economic power. I think there is more to it than having the biggest GDP. You also need to have the willingness and cunning to influence others outside your sphere for you to be called a Major Economic Power in the world.


richpulubi

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Reply #2 on: Jul 22, 2014, 03:29 PM
Well, don't forget that the chinese and indian civilizations are among the oldest in the world, predating and surpassing past civilizations like the romans and the greek.

They have been at the forefront cuz for most of history, they were also the most innovative.  Many of our technologies today came from these civilizations.

Unfortunately, in recent centuries, these peoples have been less innovative, maybe due to the types of governments they had recently.  Innovations like the industrial revolution(that caused the rise of the british empire), and IT(probably mostly by the US), that made these upstarts surpass the older civilizations.



JohanVIA

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Reply #3 on: Jul 23, 2014, 02:39 AM
@ RICHPULUBI
@ GIG

Yes the Indians brought us many things among which our numeral system and the Chinese ...

Every western school child learns about the invention of book printing by Gutenberg in Germany. The compass, gun powder, the sextant and many other "western" inventions.

However, in Taiwan there is one of the most impressive museums I have ever seen. When the "white" chinese fled to Taiwan in 1949 they took most of the important treasures of mainland Chia with them; shiploads full.

Walk around in that museum and you will see that all you learned as a westerner at school was wrong.... the Chinese had invented all these things centuries before us. Probably we invented them also by ourselves, but just a lot later.


wilch23

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Reply #4 on: Jul 27, 2014, 11:05 AM
The way I see it, the only thing propping up the USA now is the use of DOLLARS in nearly all PETROLEUM transactions.
This is how the US dollar was able to do away with its gold guarantee and transform itself into a plain piece of paper but with INTRINSIC VALUE. They were able to hoodwink the Arabs, OPEC, etc into agreeing to this setup. Please don't say how dumb of the ...

Anyway, my personal thesis is the USA in effect took over all the oil using dollars exclusively for trade, without the OPEC etc realizing they were victims of a broad daylight robbery! If only your piece of paper can buy oil, doesn't that make all the oil essentially yours?!!

Since everybody needs oil, ergo everybody needs dollar! How splendid!

From there, other transactions gravitated towards the US dollar.
Why do you think Saddam was a threat without really having WMD etc? Libya? Continuous ME & African conflict? You don't think of economics while fighting.

Why the long preamble? BRICS is setting up its own version of "WB -IMF". Can an alternative currency be far behind? This is what the USA is concerned about.

New Powerhouse, anyone?
« Last Edit: Jul 27, 2014, 11:07 AM by wilch23 »


thisistheday

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Reply #5 on: Jul 27, 2014, 11:19 AM
@ RICHPULUBI
@ GIG

Yes the Indians brought us many things among which our numeral system and the Chinese ...

Every western school child learns about the invention of book printing by Gutenberg in Germany. The compass, gun powder, the sextant and many other "western" inventions.

However, in Taiwan there is one of the most impressive museums I have ever seen. When the "white" chinese fled to Taiwan in 1949 they took most of the important treasures of mainland Chia with them; shiploads full.

Walk around in that museum and you will see that all you learned as a westerner at school was wrong.... the Chinese had invented all these things centuries before us. Probably we invented them also by ourselves, but just a lot later.

Today's inventions can no longer be based solely on experience. Modern science is what makes Western civilization dominant. For example, you simply cannot build digital computers and bigger and more powerful ships without science. In this respect, the first Asian civilization that has embraced science is Japan. The inventions by Chine are there, but not the science behind it. The only reason China/India is becoming more important than Japan now is not because of civilization but because the sheer size of their market both in current terms and in future potential. Between the two, you have 1/3+ of the total world population.


Wills

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Reply #6 on: Jul 27, 2014, 11:14 PM
The way I see it, the only thing propping up the USA now is the use of DOLLARS in nearly all PETROLEUM transactions.
This is how the US dollar was able to do away with its gold guarantee and transform itself into a plain piece of paper but with INTRINSIC VALUE. They were able to hoodwink the Arabs, OPEC, etc into agreeing to this setup. Please don't say how dumb of the ...

Anyway, my personal thesis is the USA in effect took over all the oil using dollars exclusively for trade, without the OPEC etc realizing they were victims of a broad daylight robbery! If only your piece of paper can buy oil, doesn't that make all the oil essentially yours?!!

Since everybody needs oil, ergo everybody needs dollar! How splendid!

From there, other transactions gravitated towards the US dollar.
Why do you think Saddam was a threat without really having WMD etc? Libya? Continuous ME & African conflict? You don't think of economics while fighting.

Why the long preamble? BRICS is setting up its own version of "WB -IMF". Can an alternative currency be far behind? This is what the USA is concerned about.

New Powerhouse, anyone?

Very interesting.


JohanVIA

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Reply #7 on: Jul 28, 2014, 03:43 AM
@ THISISTHEDAY "In this respect, the first Asian civilization that has embraced science is Japan. The inventions by Chine are there, but not the science behind it."
Interesting statement. On what do you base that?

Yes agree fully about population. That has always been the main reason for their dominance.


thisistheday

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Reply #8 on: Jul 28, 2014, 07:04 PM
@ THISISTHEDAY "In this respect, the first Asian civilization that has embraced science is Japan. The inventions by Chine are there, but not the science behind it."
Interesting statement. On what do you base that?

I go by the accepted historical narrative. By that I mean, that modern science is mainly a child of Western philosophy as there simply is no historical root of science (and the required advances in mathematics) in China. Name any major branch of modern science that has its roots in Chinese civilization and you will probably come out empty-handed.

About Japan, it felt the urgent need to modernize when in the 19th century, it was forced by the US Navy to open up or suffer the consequences. That event was a watershed in Japanese history (called the Meiji Restoration) in that it ushered in modern Japan by instituting many civil, political, and economic reforms. They adopted western political system, western law, western medicine,  science, and technology. They sent students to study abroad and built the strongest military in the far east such that by the turn of the century, it was able to defeat a Western power (Russia) in a war.


JohanVIA

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Reply #9 on: Jul 29, 2014, 02:39 AM
Thanks for the explanation Thisistehday. Interesting. I was not aware of that. Will read more about Japan when I have some free time.


 


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