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Three Billion New Capitalists: The Great Shift of Wealth and Power to the Eastby Clyde Prestowitz
Synopses & Reviews
By the beginning of this century it was already commonplace to speak of the U.S. as a hyperpower,” to talk of its military, political, and economic clout as unprecedented in world history, and to assume that American dominance would continue at least throughout our lifetimes. It is conventional wisdom that America will have no serious rivals for at least a generation. But the American position is far more fragile and ephemeral than much of the world believes.Clyde Prestowitz shows the powerful yet barely visible trends that are threatening to end the six-hundred-year run of Western domination of the world. The trends include America’s increasingly unsustainable trade deficits; the equally unsustainable (and dangerous) buildup of massive dollar reserves in places like Japan and China; the end of America’s position as the world’s premier center for invention and technological innovation; the sudden entrance of 2.5 billion people in India and China into the world’s skilled job market; the role of the World Wide Web in permitting many formerly localized jobs to be done anywhere in the world; and the demographic meltdown of Europe, Japan, Russia, and, in later decades, even China.Three Billion New Capitalists is a clear-eyed and profoundly unsettling look at America’s and the world’s economic future, from an author with a history of predicting the important trends long before they become apparent to others.
"Ex-Reagan administration trade official Prestowitz follows up his critique of U.S. unilateralist foreign policy in Rogue Nation with this perceptive diagnosis of the nation's economic decline under globalization. While China and India focus on trade and industrial policies and turn out competent workers who put in long hours at a fraction of American wages, the U.S., Preston argues, struggles with crushing trade and budget deficits, a zero savings rate, failing schools, dwindling investments in scientific training and research, a collapsing dollar and a debt-dependent economy that will face an 'economic 9/11' once foreign creditors bail out. The argument echoes Thomas Friedman's The World Is Flat (Forecasts, Apr. 4), but Prestowitz's analysis is more thoughtful than Friedman's pro-globalization cheerleading. He criticizes, from firsthand experience, Washington's cavalier embrace of free trade and aversion to industrial policy ('they'll sell us semi-conductors and we'll sell them poetry,' notes one Reagan administration economist) and argues cogently that the research and development apparatus and high-tech entrepreneurship that is supposed to save America's economy is likely instead to follow the manufacturing base offshore. It's a lucid and sobering forecast. Agent, Raphael Sagalyn. 7-city author tour; 20-city radio satellite tour. (June) " Publishers Weekly (Copyright Reed Business Information, Inc.)
From one of our shrewdest economic trend-spotters, a wake-up call that prosperity is about to shift from the West to the East, and what we can do before it’s too late
"Three Billion New Capitalists" is a clear-eyed and profoundly unsettling look at America's and the world's economic future, from an author with a history of predicting important trends long before they become apparent to others.
About the Author
Clyde Prestowitz is President of the Economic Strategy Institute in Washington, D.C., and is the author of Trading Places and Rogue Nation. He lives in Potomac, Maryland.
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