China Is Now the World's Largest Economy
- Thread starter Shonuff
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They also have more than 3x the population... of course they should be the largest economy. They are, however, still rather poor on a per capita basis.
The idea that China doing poorly is good for the US would be pretty bizarre. There's no prize for being the largest economy, whereas the export industry is pretty huge. Wealthier Chinese means more demand for US products, which is good for the US.
The idea that China doing poorly is good for the US would be pretty bizarre. There's no prize for being the largest economy, whereas the export industry is pretty huge. Wealthier Chinese means more demand for US products, which is good for the US.
Vinen
God is dead
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This.
I <3 owning property on the Bund in ??. Wifes parents bought for ~100K and its worth > 1Mil now just 3 or 4 years later.
We more or less just use it for 3-4 weeks a year when we visit. Planning on selling soon to buy some property on the edge of the city limits.
What are you smoking? We exported millions of our jobs TO China.
Besides, our GDP still crushes theirs.
Cad
I'm With HER ♀
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I'm not an economist, but their economy is larger only when you calculate production based on PPP; if you use actual dollars/yen/whatever produced, the US is still almost twice as large. I don't know what that means, is the PPP the relevant metric? Or absolute?
And their population is 4.25 times the US, not "almost 3X". Their population is over double the US and EU combined.
Woah, I missed that entirely... it's not even GDP, it's GNI adjusted for PPP that has exceeded that in the US. That's largely a worthless measure for comparing economies: it includes income earned by Chinese from investments abroad (e.g. in the US), then multiplies it by some factor to account for lower prices in China.
To compare countries' economies, you want to use straight-up GDP using the market exchange rate. After all, what you care about is the size of industries in a country, not how much that would buy you in that specific country.
To compare standard of living in different countries, GNI per capita adjusted for PPP is interesting, because you can spend income earned abroad just the same and what you care about is how much the money buys you, not how much it would buy you if you lived in the US. (GDP per capita adjusted for PPP is often used because it's easier to measure, I think, and there's usually little difference.)
To be fair, I said "more than 3X."
Shonuff
Mr. Poopybutthole
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We all knew it was going to happen, but we had like 70 years as #1. Now that its happened, I'm shocked, even though we knew it was coming.
Shonuff
Mr. Poopybutthole
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He's been on my ignore list for the last year, so I honestly don't know (or care).
Shonuff
Mr. Poopybutthole
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This article goes over both sides of the argument.
http://www.ajc.com/news/news/nationa...y-again/njNCS/
Is this sarcasm, or absurd stupidity? China remains the more socialist country. It's not even within the realm of debate.
Shonuff
Mr. Poopybutthole
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China has practiced a form of naked capitalism over the last ten years that has been scary. This is a good exampleApple faces fresh accusations over China worker 'abuse' - Telegraph. There have also been allegations of the government turning its head the other way, while pollution is pumped in people's drinking water. A few years back, the toymakers were getting hammered for poisonous toys, made where? China. It is very much caveat emptor there.
China seems to be very much like how the US was in the 1930's, when you had kids working 80 hour weeks and dying operating heavy equipment for pennies.
Not to mention the subsidization of countless other businesses so they can crush overseas competitors.
Shonuff
Mr. Poopybutthole
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Report Alleges Worker Abuses at China Toy Factories - Risk Compliance - WSJ
Since you probably won't read that, workers worked up to 120 hours a week, were not paid what they were owed, and operated heavy equipment with fake safety training. There have been countless reports of this over the last ten years, coming out of China. Try watching the news some time. The attitude over there has been if someone dies while working, just roll their body out of the way and find someone else.
Well then, fortunate for us we have government regulations preventing companies from treating their workers like fodder.
Cad
I'm With HER ♀
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What does this have to do with socialism or capitalism? Whether it is a government owned business or a privately owned business, China does not care about safety or workers rights, period. Your stories illustrate this, but nothing to do with government control of business over there, which would show socialism v. capitalism.