Very interesting article by Joseph Stiglitz, 2001 Nobel Prize in Economic Sciences, in response to China’s surpassing of the USA as the no. 1 world economy:
When the history of 2014 is written, it will take note of a large fact that has received little attention: 2014 was the last year in which the United States could claim to be the world’s largest economic power. China enters 2015 in the top position, where it will likely remain for a very long time, if not forever. In doing so, it returns to the position it held through most of human history.
Of course, I’m in over my head on this topic, but Stiglitz’s words are clear and actually simple to understand. He takes us back along the last century to explain the USA’s rise to dominance and the challenges it will face from now on. Roughly put, the USA needs to have a hard look at itself and “put [its] own house in order”.
Definitely worth reading.