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Manufacturing is still critical to the economy United States. Clyde Prestowitz, says it's time to start realizing the positive spillovers that manufacturing creates... Read more  

Events & Activities

Stephen Olson at Chinese Development Institute Conference

 

 Clyde Prestowitz giving presentation to CDI...

 

Steve Olson teaching trade negotiations at the Mekong Institute...

 

Stephen Olson to speak at upcoming workshop organized by the International Institute for Trade and Development on 

"Economics of GMS Agricultural trade in goods and services towards the world market"

Chiangmai, Thailand Sep 8-12.

Book Reviews & Citations

Three Billion New Capitalists Reviewed by the Brock Press

Click Here to Read the Full Story at the Brock Press

The Brock Press
Rob Terpstra
Issue date: 3/14/07

Three Billion New Capitalists: The Great Shift of Wealth and Power to the East

By Clyde Prestowitz

A straightforward title, easily understood, but shockingly prophetic. The emergence of Mumbai, Bangalore, Japan, industrialized Pakistan, China and the rest of southeast Asia as global economic superpowers dumbfounds any reader willing to prescribe to Prestowitz's thesis.

"According to Goldman Sachs [a banking and securities firm] India's economy can sustain 7-8 per cent annual GDP [gross domestic product] growth for the indefinite future. In the past two years it has grown faster than China, and some believe that with its legacy of capitalist institutions, rule of law, and democratic process it may well outstrip China over the long term. At those rates of growth India would have a GDP of over $2 trillion at nominal exchange rates by 2025."

Examples like this are littered throughout the book, clearly illustrating the danger and peril the once-dominant West now finds itself.

An easy read, albeit sometimes loaded with short blurbs about the history of economics, talk about the global markets and the International Monetary Fund and World Bank, Prestowitz succeeds nonetheless.

Any reader at all interested in the progression of the world's economy in the next 20 years as perhaps dictated in the mainstream by a frustrated Lou Dobbs, will acknowledge the vast outsourcing to the East which will continue to occur, crippling the Googles of the West until Washington and the heads of the European Union realize that 2050 is just around the corner.

In the 300 some odd pages, Prestowitz, president of the Economic Strategy Institute in D.C., convinces the reader that the end of the dollar as a recognizable standard currency and the reliance on the euro may soon become a thing of the past.

The author concludes with a verse from Shakespeare's Julius Caesar: "There is a tide in the affairs of men, which taken at the flood leads on to fortune; omitted, all the voyage of their life is bound in shallows and miseries. On such a full sea are we now afloat, and we must take the current when it serves, or lose our ventures."

Let us hope not, or we all may soon be obsolete.

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Latest Publications


The Betrayal of American Prosperity.


The Trans-Paific Partnership and Japan.


Making the Mexian Miracle.


Industrial Policy and Rebalancing in the US and China.


The Evolving Role of China in International Institutions.

 

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