Hi MemeFx....
Ok.......some good points.
First, front and centre,I wouldn't stress too much the rise of China by using 'wage arbritage' or other countries undermining it.It pretty much a proven strategy.Here,I'll let ross Gittins explain it as I one hundred percent agree with him here, and it will save me some typing..........
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Every Aussie who takes an interest in such matters knows how a country goes from being undeveloped to developed. We 've been watching our neighbours do the trick for years. It' s called export-oriented growth and it 's all about building a big manufacturing sector.
You encourage under-employed rural workers to move to the city and take jobs in factories. Because your one big economic advantage is an abundant supply of cheap labour, you start by concentrating on making low-cost, simple, labour-intensive items such as textiles, clothing and footwear.
Since the locals don' t have much capacity to buy this stuff, you focus on exporting it. Foreigners lap it up because to them it' s so cheap.
As the plan works and the country 's income rises, you plough a fair bit back into raising the education level of your workers, which allows you to move to making more elaborate goods and to paying higher wages. You 're on the way to being a developed country.
Over the decades we' ve seen a succession of countries climb this ladder: Japan, Hong Kong, South Korea, Taiwan, China and now even Vietnam and Bangladesh at the bottom. It s like pass-the-parcel: as each country' s labour gets too expensive to be used to produce low-value thongs and T-shirts, some poorer country takes over and starts the climb to prosperity.
That 's the way it s always done."
source.......
http://www.rossgittins.com/2014/11/why-indias-development-is-so-strange.html
As for an arms race and Military spending,I can't quickly locate my internet source,(I'll let u know when I do),but basically many charts,show a real decline in military spending and look similar to this.......
Source....
http://www.aph.gov.au/About_Parliam...pubs/rp/BudgetReview201314/DefenceExpenditure
So,we seem to be on the long road to pacification.
And as for China/Japanese relations,and for China's ongoing world influence,I agree with this guy.....(although not on his US views)
Similarly, economic strategists and business leaders in Latin America now look to China at least as much as they look to the US. China and Japan seem to be taking steps toward better relations, after a period of high tensions. Even Russia has recently “tilted” toward China, establishing stronger connections on many fronts, including energy and transport.
Like the US after World War II, China is putting real money on the table – a lot of it – to build strong economic and infrastructure links with countries around the world. This will enable other countries to boost their own growth, while cementing China’s global economic and geopolitical leadership.
The number of Chinese initiatives is staggering. In just the past year, China has launched four major projects that promise to give it a greatly expanded role in global trade and finance. China joined Russia, Brazil, India, and South Africa in establishing the New Development Bank, to be based in Shanghai. A new Asian Infrastructure Investment Bank, to be based in Beijing, will help to fund infrastructure projects (roads, power, and rail, among others) throughout the region. The New Silk Road land belt seeks to connect China with the economies of East Asia, South Asia, Central Asia, and Europe through an expanded grid of rail, highways, power, fiber, and other networks.
And the new 21st Century Maritime Silk Road is aimed at boosting ocean-based trade in East Asia and the Indian Ocean.
All told, these various initiatives are likely to leverage hundreds of billions of dollars in investment over the coming decade, speeding growth in the counterpart countries while deepening their production, trade, and financial linkages with China.
Read more at
http://www.project-syndicate.org/co...y-jeffrey-d-sachs-2014-11#6SjwvvMpv4t8Fgx7.99
Thanks for the feedback............64
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(20min delay)