China is a super power in this day and age as well as in days of old. China has outlasted the tests of time and succeeded to maintain it's culture as well as represent it's history's wealth of power. As the sun begins to set on an America, whose dollar set the standard and whose capacity for manufacturing was unchallenged, a new superpower is emerging and it is China. Many of the economists and China-watchers have been quick to seize on any bad news coming out of the Asian giant, but for the most part they have marveled how, since the new century began, China has proven adept at maintaining a fast growing economy. Indeed, so fast, it is beginning to show signs of protectionism.
In July 2007, an article in The Washington Times noted that “China, this year for the first time, has dislodged the United States from its long reign as the main engine of global economic growth, with its more than 11 percent growth eclipsing sputtering U.S. growth of about 2 percent, according to the International Monetary Fund’s 2007 projections…"
Up until the death of Mao Zedong in 1976, China had suffered grievously from the communist takeover he had led, beginning with the founding of the Peoples Republic of China in 1949. Prior to that, from the 1930s on through World War Two, the Chinese had suffered from Japanese occupation. Mao, a dedicated Communist, was clueless regarding how to create a successful economy.
The story of how China embraced capitalism while retaining its communist government is quite remarkable, if for no other reason, than the progress it has made. My generation enjoyed all the fruits of the post-WWII bounty that accrued to an America that had no real economic rivals. Along with the Soviet Union, China was regarded as a threat because it was communist, but to his credit President Richard Nixon understood China should not be ignored and began the process that has led to an extraordinary economic partnership.
In the process,...