"First, he demonstrates the relative changes in income between the U.S. and China, as well as Asia and the West generally. He illuminates the data with 35 charts and graphs. Then he analyzes past economic theories, showing they can't explain whether trade promotes or reduces conflict between nations. The theories, he says, failed to foresee that U.S. wage earners and investors would merge into a new labor class that combines high salaries with investment returns via equity stakes such as stock options."
"Next, he provides an overview of China's internal economic and political evolution, especially under Xi Jinping, its president. Milanovic sees China's opening to private enterprise as different from that of the former communist regimes in Russia and Eastern Europe. He believes China will continue to stand apart on the international stage. He believes these factors lead to increased nationalism and a retreat from globalization, resulting in trade wars, tariffs, sancti"
The world's two leading economies — the U.S. and China — have moved in opposite directions over the past 50 years, producing a major global reshuffling of incomes. That income shift is generating political changes that reverse the previous trend toward deeper globalization and encourage rising nationalism. Detailed empirical evidence and charts document relative income changes across the U.S., China, Asia, and the West. Existing economic theories fail to predict whether trade reduces or heightens interstate conflict. A new labor-class dynamic merges high salaries with investment returns, and China's distinct opening keeps it separate on the global stage, driving trade barriers and sanctions.
Read at Practical Ecommerce
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