How West invited China to eat your lunch

Faisal Islaconomics Editor @ Faisalislamon Twitter Published in 2 days AgashaRecloshare PageERPOPY Linkabout Sharingimage Source, Getty Images

There were two events at the end of 2001 that they shook the Axis of the world.

The world was concerned about the immediate consequences of 9/11. But exactly three months later, on December 11, the World Trade Organization (WTO) was at the center of an event that was to launch a shadow so strong throughout the 21st century, changing the lives and livelihoods of More people around the world than the AMERICA attacks.

However, few know that it even happened, much less their date. China's admission to the World Trade Organization changed the game for America, Europe and most of Asia, and, in fact, by any country in possession of industrially valuable resources, such as oil and metals.

was a largely unnotted event of epic geopolitical and economic importance. It was the root imbalance behind the global financial crisis. The internal political reaction against the subcontracting of manufacturing work to China has reverized around Western G7 nations.

The promise, suggested by the tastes of the former president of the United States, Bill Clinton, was that "Import one of the most appreciated values โ€‹โ€‹of democracy, the Economic freedom, "would allow the most populous nation in the world to follow the path of political freedom as well.

"When individuals have power not only to dream, but they realize their dreams, they will demand a larger say," he said.

But the strategy fails. China began its ascent to its current state as the second largest economy in the world, and is on a seemingly inevitable path to become the largest in the world.

In fact, the US Commercial Representative UU responsible for negotiating the WTO Agreement of China, Charlene Barshefsky, told a panel of international commercial association from Washington this week that China's economic model "Something refuted" Western opinion that "can not have an innovative society and political control"

"should not To say that China's innovative capacity is improved by its economic model, "he added. "But that is, what west thought were incompatible systems, may not necessarily be incompatible systems." Image source, Getty ImagesImage Leiption, Charlene Barshefsky that offers a speech along with Long Yongtu in 2003

UP until 2000 The global economic paper of China had been mainly As one of the largest manufacturers of the world of cheap plastic and tat Gukbins. Important, yes, but NIS global character NOR and global change.

China's accession to the top table of world trade announced a massive global transformation. A powerful combination of the workforce disposed to China, its super high-tech factories, and the special relationship between the Chinese government and Western multinational companies changed the planet's face.

A cheap Chinese work army began producing the goods that support Western Life Standards, while China was inserted perfectly in the supply chains of the Larger companies in the world. Economists call it a "supply shock", and its impact was certainly shocking. Its effects are still reverberting around the world.

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