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End of an Era?
Posted by: David Tran | October 16, 2011 | Leave a Comment
Within the last decade, the world has experienced dramatic changes such that the United States has longed been a prosperous nation. Experiencing its worst financial meltdown in 2008 since the Great Depression and its first ever credit downgrade, the world power is continuing to struggle with its many problems of unemployment, economic growth, and a massive financial debt totaling over $14 trillion. Considered still to be the world’s largest economy, that may all change as China’s booming economy is preparing to overtake the US.
For over a century, the United States has dominated the world, and our lives today is heavily influenced by their decisions. If China is to surpass the US, the situation raises questions of how the world will learn to function with this abrupt change and whether or not the dollar will still position itself as a global reserve currency. Although this isn’t the first time that the world’s top economic power changed hands, China’s situation is very different. When the United States surpassed Britain as the largest global economy, both nations shared similar views: democracy, property rights, and foreign policy. China’s time in the spotlight will undoubtedly lead to a considerably different influence on the world.
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