The updated edition of journalist Ted C. Fishman's bestselling explanation of how China is rapidly becoming a global industrial superpower and how the American economy is challenged by this new reality.
China today is visible everywhere -- in the news, in the economic pressures battering the globe, in our workplaces, and in every trip to the store. Provocative, timely, and essential -- and updated with new statistics and information -- this dramatic account of China's growing dominance as an industrial superpower by journalist Ted C. Fishman explains how the profound shift in the world economic order has occurred -- and why it already affects us all.
How has an enormous country once hobbled by poverty and Communist ideology come to be the supercharged center of global capitalism? What does it mean that China now grows three times faster than the United States? Why do nearly all of the world's biggest companies have large operations in China? What does the corporate march into China mean for workers left behind in America, Europe, and the rest of the world?
Meanwhile, what makes China's emerging corporations so dangerously competitive? What will happen when China manufactures nearly everything -- computers, cars, jumbo jets, and pharmaceuticals -- that the United States and Europe can, at perhaps half the cost? How do these developments reach around the world and straight into all of our lives?
These are ground-shaking questions, and China, Inc. provides answers.
Veteran journalist Ted C. Fishman shows how China will force all of us to make big changes in how we think about ourselves as consumers, workers, citizens, and even as parents. The result is a richly engaging work of penetrating, up-to-the-minute reportage and brilliant analysis that will forever change how readers think about America's future.
A lively, fact-packed account of China's spectacular, 30-year transformation from economic shambles following Mao's Cultural Revolution to burgeoning market superpower, this book offers a torrent of statistics, case studies and anecdotes to tell a by now familiar but still worrisome story succinctly. Paid an average of 25 cents an hour, China's workers are not the world's cheapest, but no nation can match this "docile and capable industrial workforce, groomed by generations of government-enforced discipline," as veteran business reporter (and Chicago Mercantile trading firm founder) Fishman characterizes it. Since Mexican wages were (at the time) four times those of China, NAFTA's impact has been dwarfed by China's explosive growth (about 9.5% a year), and corporations and entrepreneurs operating in China have few worries about minimum wages, pensions, benefits, unions, antipollution laws or worker safety regulations. For the U.S., Fishman predicts more of what we're already seeing: deficits, declining wages and the squeezing of the middle class. His solutions (revitalize education, close the trade gap) are not original, but some of his statistics carry a jolt: since 1998, prices in the U.S. have risen 16%, but they've fallen in nearly every category where China is the top exporter; a pair of Levis bought at Wal-Mart costs less today, adjusted for inflation, than it did 20 years ago though the company no longer makes clothes in China. First serial to the New York Times Magazine; author tour.
Worth the read!
Excellent lens into a China that was and has now become...