While I agree with a lot of what you say, I disagree with your comment that, “our risk-taking entrepreneurial culture is like nothing else on earth and is the real engine that drives the global economy.”
Chinese culture (specifically their drive to be prosperous combined with their willingness to work extremely long and hard to achieve that goal) easily matches our entepreneurial culture. In my opinion, it surpasses it decidedly. In Malaysia and Indonesia, Chinese make up a relatively small portion of the population, but control hugely disproportionate amounts of wealth. In Australia and New Zealand, they’ve also generated wealth in disproportion to their numbers. In Singapore, which is mostly Chinese, they’ve created an economy quite powerful for a country of that size. In Taiwan and Hong Kong, which have been largely free from the economic hindrance of Chinese rule, the economies are again very strong. Of course their per capita GDPs are smaller than that of the US and some other countries, but the US has had some advantages that may explain some of the difference. Chiefly our abundance of natural resources and the length of time that the US has had a government that is conducive to economic growth and strength.
In addition to the countries mentioned above, Chinese have made their economic mark almost everywhere they go, including the US. The problem in the actual country of China has been, and will continue for some time to be, hindrances created by their government.
I’m down with the China hype. If, that is, their government can further let go of its authoritarian ways and allow entepreneurs to prosper. Because the government is what’s been holding China back. Not any lack of risk-taking entrepreneurial culture on the part of its people.
All that said, I think there’s about an even chance that the government of China will screw the whole thing up completely and end up with a stagnant economy at best. But if they don’t, and we end up competing with over a billion people who will work passionately day and night for decades to achieve their deperately desired goal of prosperity, then it’s curtains for us. Curtains, I tell ya.
