PeakTrader.com

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PeakTrader:

Marque2, obviously, you completely disagree with American mainstream economics, which improved living standards at a much faster rate, along with improving labor and environmental standards.

Of course, it’s difficult to understand a large invisible system that exists in n-space.

However, economists in the 20th century created a better system that resulted in faster per capita real growth in the 20th century than the 19th century:

Average annual per capita real GDP growth

1800-1900: 1.39%
1900-2000: 2.02%

Source: Academic economists, academic papers, Census data, and the BEA.

You can thank American mainstream economists later.

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PeakTrader:

A large part of western China has been uninhabitable, for thousands of years, somewhat similiar to the U.S.. Map:

http://www.chinatouristmaps.com/china-maps/population/full-population-map.html

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Also, I may add, it seems, the average Chinese, even after decades of hard work, will retire very poorly, much more poorly than the average Japanese (and its one-child policy, since 1980, and restrictive immigration policy will make it even tougher for the average retired Chinese).

Millions ‘left behind’ in rural China
BBC
12 May 2010

“Resentment is bubbling to the surface and rural Chinese feel left behind.

“Foreign companies come here, employ cheap labour and get all the money…It’s not something we have any control over. It’s our system.”

“Foreign companies can exploit us, but many Chinese don’t realise what’s happening,” says Mr Chen…They are being fooled by officials in China who have strong connections with foreign companies.”

According to World Bank figures, nearly 500 million Chinese people still live on less than $2 (£1.40) a day. The rural poor feel that the profits from China’s economic expansion have passed them by.”

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I suspect, a large number of affluent Chinese, although a tiny percentage of China’s population, will eventually move to the U.S., e.g. to Hawaii or California, since most of their assets are denominated in U.S. dollars. Also, a significant political revolution is possible in China.

They’re already sending their children to U.S. colleges:

Students From China and Saudi Arabia Flock to U.S. Colleges
November 12, 2013

The top four countries sending students to U.S. colleges and universities are China, India, South Korea, and Saudi Arabia. Enrollments from China and Saudi Arabia are surging.

In just a decade, the number of students from China enrolled at U.S. colleges has nearly quadrupled. In just one year, the number of Chinese undergrad and postgrad students in the U.S. jumped 21.4 percent.

During the most recent 2012-13 school year, 235,597 Chinese students studied in the U.S..

Saudi Arabia…with 44,566 enrolled during the 2012-2013 school year…represents a 30.5 percent increase from the previous school year.

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Moreover, Chinese are snapping-up U.S. houses:

Chinese buyers flood U.S. housing market
July 8, 2013

“Chinese buyers accounted for 18% of the $68.2 billion that foreigners spent on homes during the 12 months ended March 31.

At a median price of $425,000, the Chinese are also buying more expensive homes than other foreign buyers, who spent a median of nearly $276,000 on U.S. homes.

And nearly 70% of those pricey Chinese deals were made in all cash.

Nowhere is the influx of Chinese homebuyers felt more strongly than in California, where more than half of the homes sold to foreign buyers went to Chinese nationals.

Four states accounted for 58% of all foreign sales. Florida had 23%, California 17% and Arizona and Texas 9% each.”

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