Chinese Work Ethic

[Idilinaa]

The 1980s is when they started opening up the market but the 70s is when they started burning bridges with the Soviets and building bridges with the west /japan

China did not become a full part of the global economic system until 2001 when they entered the WTO

China after the 2000s was an economic superpower that rivaled America

It was really in the 2000s when China’s economy exploded, with annual GDP growth around 10%. The turning point was opening its markets, joining the WTO, and securing permanent normal trade relations with the U.S. in 2000, which unlocked massive foreign investment.


You can see the major difference starting from that moment:

And then Boom!!

This triggered what became known as the ‘China Shock,’ when Chinese exports flooded Western and especially U.S. markets. It wiped out an estimated 2 million American jobs, devastating U.S. manufacturing. The effects are still felt today , you can see the legacy of it in U.S. politics and even in Trump’s rhetoric:

The ‘China shock’ of trade in the 2000s reverberates in US politics and economics – and warns of the dangers for fossil fuel workers

Large-scale job losses in the US due to trade with China will lead to enduring demographic and political aftershocks without the implementation of policies that promote widespread job growth.

theconversation.com

https://www.cato.org/publications/china-shock#introduction

 

[The truth seeker]

It was really in the 2000s when China’s economy exploded, with annual GDP growth around 10%. The turning point was opening its markets, joining the WTO, and securing permanent normal trade relations with the U.S. in 2000, which unlocked massive foreign investment.


You can see the major difference starting from that moment:
View attachment 371206
View attachment 371207
View attachment 371208

And then Boom!!
View attachment 371209

This triggered what became known as the ‘China Shock,’ when Chinese exports flooded Western and especially U.S. markets. It wiped out an estimated 2 million American jobs, devastating U.S. manufacturing. The effects are still felt today , you can see the legacy of it in U.S. politics and even in Trump’s rhetoric:

The ‘China shock’ of trade in the 2000s reverberates in US politics and economics – and warns of the dangers for fossil fuel workers

Large-scale job losses in the US due to trade with China will lead to enduring demographic and political aftershocks without the implementation of policies that promote widespread job growth.

theconversation.com

https://www.cato.org/publications/china-shock#introduction

Every American election since 1992 expect for 2020 has gone to the anti establishment candidate


Go Watch 1992 presidential debates and the 2016 debates clintion and Trump are giving the same populist energy



American manufacturing and the rust belt was killed by incompetent politicians China is just a scapegoat

No, trade with China did not kill the U.S. economy

A new comprehensive review finds the negative effects of trade with China have been significantly exaggerated.

reason.com

 

[Testo 21]

Child labour

 

[Barkhadle1520]

The 1980s is when they started opening up the market but the 70s is when they started burning bridges with the Soviets and building bridges with the west /japan

China did not become a full part of the global economic system until 2001 when they entered the WTO

China after the 2000s was an economic superpower that rivaled America

Wish Siad wasnt a retard, the west was where the money was

 

[Idilinaa]

Every American election since 1992 expect for 2020 has gone to the anti establishment candidate


Go Watch 1992 presidential debates and the 2016 debates clintion and Trump are giving the same populist energy



American manufacturing and the rust belt was killed by incompetent politicians China is just a scapegoat

No, trade with China did not kill the U.S. economy

A new comprehensive review finds the negative effects of trade with China have been significantly exaggerated.

reason.com

This actually makes a lot of sense. If you think about it, Korea and Japan’s manufacturing didn’t disappear after China’s entry into the WTO. Both became service and consumer based economies, much like the U.S. Japan retained its heavy industries (cars, electronics, machinery), while Korea’s chaebols (Samsung, Hyundai, LG) held on to high-value manufacturing even as services grew to make up the larger share of GDP. Same with US high value manufacturing (aerospace, semiconductors, pharmaceuticals) survived globalization.

What actually happened is the change in global supply chains: low to mid-value manufacturing shifted to China while Korea, Japan, Europe and the U.S. moved up the value chain or leaned further into services.

We’re now seeing the same pattern with China itself moving into high value manufacturing (EVs, semiconductors, advanced batteries), while low to mid value production shifts to India, Vietnam, or Mexico. What China hasn’t yet fully developed, though, is the consumer-spending and services side of the economy.

You have to become a consuming nation to be a rich country, not just producing.

 

[Idilinaa]

Wish Siad wasnt a retard, the west was where the money was

He was actually pretty pragmatic. By the 1980s, his administration had caught onto the same trends as China by strengthening trade ties with the U.S., decontrolling markets, privatizing industries, removing export monopolies, and trying to attract foreign investment. To some extent, it worked: incomes rose, agricultural production improved through market integration and liberalization, and there was a surge of business activity as the private sector expanded. Consumer goods flooded the market.

What really derailed this trajectory was external and regional pressure. Mengistu and Israel lobbied on Ethiopia’s behalf to discourage the U.S. and the West from supporting Somalia. At the same time, Mengistu’s displacement of Ogadenis and Ethiopian Muslims into Somalia forced the Somali government to go into a budget deficit and then to cover the deficit they had to print money. This triggered inflation, and soon afterward Somalia had to borrow and accept IMF/World Bank structural adjustments (came with austerity measures: cutting subsidies, reducing government spending) which continue to devalue the currency and create hardships.

As a result, the initial rise in private sector activity and incomes was undermined by rising inflation and debt pressures. However, many Somalis were able to keep afloat, as investments, higher wages, and private sector growth roughly kept pace with the rising prices up to a certain point.

 

[Barkhadle1520]

He was actually pretty pragmatic. By the 1980s, his administration had caught onto the same trends as China by strengthening trade ties with the U.S., decontrolling markets, privatizing industries, removing export monopolies, and trying to attract foreign investment. To some extent, it worked: incomes rose, agricultural production improved through market integration and liberalization, and there was a surge of business activity as the private sector expanded. Consumer goods flooded the market.

What really derailed this trajectory was external and regional pressure. Mengistu and Israel lobbied on Ethiopia’s behalf to discourage the U.S. and the West from supporting Somalia. At the same time, Mengistu’s displacement of Ogadenis and Ethiopian Muslims into Somalia forced the Somali government to go into a budget deficit and then to cover the deficit they had to print money. This triggered inflation, and soon afterward Somalia had to borrow and accept IMF/World Bank structural adjustments (came with austerity measures: cutting subsidies, reducing government spending) which continue to devalue the currency and create hardships.

As a result, the initial rise in private sector activity and incomes was undermined by rising inflation and debt pressures. However, many Somalis were able to keep afloat, as investments, higher wages, and private sector growth roughly kept pace with the rising prices up to certain point.

It was too late by the 80s, thats the whole point genius