Here’s a trend to watch in the coming year: the rise of new economic powers.
China, India and Brazil are in the ascendancy, as the economies of United States, Europe and Japan continue to stagnate.
China and India are the two most populous countries in the world, together having about 37 percent of the world’s population.
With 780 million workers, China has the world’s largest workforce. India is in second place, with 478 million. Both countries together have about 40 percent of the planet’s workforce.
China has the world’s second-largest economy. The question is not whether it will surpass the United States, but when. Its economy has been growing at a rate of about 10 percent a year for the last 30 years.
India’s economy has also been booming, especially over the last seven years, with annual growth rates above 7 percent.
The rise of China and India may not surprise you so much, but take a look at Brazil. It is one of the world’s top 10 economies, and it’s quickly rising up the list. Its gross domestic product grew 7.5 percent in 2010.
After paying off its debt to the International Monetary Fund in 2009, Brazil now lends money to the IMF.
Brazil has the world’s biggest government development bank, called BNDES. Its loan portfolio is larger than that of the World Bank, the U.S. Export-Import Bank and the Washington, DC-based Inter-American Development Bank combined. Brazil is a world leader in four strategic energy sectors: nuclear, hydropower, biofuels and oil. It has five of the world’s 25 largest hydro dams. It is by far the world’s largest producer of sugar cane ethanol.
The rise of China, India and Brazil represents the dawn of a new world.
The United States no longer is the global economic superpower. And we’ll all have to adjust to that.
• Ruiz-Marrero is a senior fellow of the Environmental Leadership Program, a fellow of the Oakland Institute, and a research associate of the Institute for Social Ecology.
Comments (8)
Add commentWow!
"The United States no longer is the global economic superpower. And we’ll all have to adjust to that."
I had no idea! Why didn't someone warn us?
No we don't have to "adjust"
No we don't have to "adjust" to no longer being the economic superpower.
We need to get rid of these leftist, anti-American policies and get America back on track to being the greatest nation in the world.
Isn't it interesting that ruiz-marrero blathers on about the greatness of Brazil and China and then goes off in his little corner and touts biofuels as the savior of our economic woes. 2+2=5 again.
Guess what they're doing in Brazil and China - drilling for oil and mining.
Hey Lattitude! ~Uh~ I think they just did.
It's no wonder really. Problem is, the American media is the last person to tell you.
Basic economics
Basic economics will tell you that a company, especially a country, cannot spend and import with little going out. It just doesn't work. Brazil has worked smart, developing natural resources to pull themselves out of debt. Russia did the same after the collapse of the Soviet Union. Can America learn from this? We need our media and eco-freaks to wake up and see the real world before its too late.
Basic economics
Basic economics will tell you that a company, especially a country, cannot spend and import with little going out. It just doesn't work. Brazil has worked smart, developing natural resources to pull themselves out of debt. Russia did the same after the collapse of the Soviet Union. Can America learn from this? We need our media and eco-freaks to wake up and see the real world before its too late.
Frenchie
As usual, your statements are detached from reality.
China's economy has been growing at 10% annually for the past 30 years. India's and Brazil's have exceeded 7% for a bunch of years.
Since 1947 the average U.S. growth has been 3.2%. And we've only topped 10% one time in the past 30 years. We had a whole series of abysmal years while Ronald Reagan was president, with seriously negative growth.
You can blame the 'leftist' boogiemen (like Ronnie), but perhaps you should look to the failure of the corporate idols you so dutifully worship.
No worshipping here
During the last boom, Repubs and Demos alike basked in the light of a robust economy. No single party can be blamed, nor can another party be totally innocent. The leftist liberals are very skilled at directing blame from themselves and placing it on others, then spinning it so they are "owed" something. I'm just saying we need to get back to producing and exporting to climb out of our hole. Gov't giveaways and failed green energy pipe dreams will only sink us further.
Wars
The US fights unless wars to protect big oil, draining our national treasury, lining the pockets of big political donors and diverting funds from research and development to help replace oil.
Brazil has done what I wished our country would have done and that is too develop other energies sources but in the USA we are run by the oil industry and if the oil industry can't make a profit on selling energy than it doesn't get devolped.