For many years, the United States’ economy was known for being the best. America has enjoyed generally robust economic growth throughout most of the Cold War and the subsequent 25 years, and has held its position at the head of the economic table with confidence (Ritter, 2014). Today, many economists believe that the East is on the brink of taking over. Two American allies have joined the Asian Infrastructure Investment Bank (AIIB). Since Britain and Australia joined the AIIB, they are effectively endorsing Beijing 's effort to establish financial rivals to the Bretton Woods institutions and the World Bank and International Monetary Fund (IMF), which are dominated by America (Bryant, 2015). China has increased its share of world economic output
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China alone adds 400,000 technical graduates each year (China Mike, n.d.). Both China and India need annual growth of at least eight percent just to provide jobs for the tens of millions joining the workforce each year (Engardio, 2005). Both countries will have to take into account the amount of people who will retire around the same time. In 20 years, China will have an estimated 300 million people age 60 or older. One in six Chinese workers have pension plans and building a safety net could consume a huge portion of the GDP and deplete China’s economic strength in the future (Engardio, 2005). Both nations face health issues. At least 5 million Indian adults are infected with HIV and China is expected to have 10 million people infected with HIV as well (Engardio, 2005). If the health issues are not addressed, the population will start to decrease, and China will not be able to keep up with its mass production. India will not have man power to build its roads, buildings, and airports as well. Along with health issues, the idea of war and a financial crisis can deter both nations from its end goal as …show more content…
The eager younger generations have an aurora like the Americans had in the 19th century, resulting in China and India potentially overtaking the United States. The Chinese and Indian’s capability of mastering technology, and understanding complex algorithms, catches the eye of American companies resulting in American jobs outsourcing to China and India. Due to China’s fast growth, a one-child policy has been established and China will have to find a method that will take care of the anticipated mass amount of retirees. In doing so, this could halt the moves China is making to become the new economic power house. India will need to focus on building their infrastructure to catch up to China’s mass manufacturing. If both countries want to have economic dominance, China and India will have to grow at a substantial pace to provide jobs for their eager and younger work force. Along with these issues, political conflict, war, financial and heath crisis can deter both nations away from being the next country to dominate the
China alone adds 400,000 technical graduates each year (China Mike, n.d.). Both China and India need annual growth of at least eight percent just to provide jobs for the tens of millions joining the workforce each year (Engardio, 2005). Both countries will have to take into account the amount of people who will retire around the same time. In 20 years, China will have an estimated 300 million people age 60 or older. One in six Chinese workers have pension plans and building a safety net could consume a huge portion of the GDP and deplete China’s economic strength in the future (Engardio, 2005). Both nations face health issues. At least 5 million Indian adults are infected with HIV and China is expected to have 10 million people infected with HIV as well (Engardio, 2005). If the health issues are not addressed, the population will start to decrease, and China will not be able to keep up with its mass production. India will not have man power to build its roads, buildings, and airports as well. Along with health issues, the idea of war and a financial crisis can deter both nations from its end goal as …show more content…
The eager younger generations have an aurora like the Americans had in the 19th century, resulting in China and India potentially overtaking the United States. The Chinese and Indian’s capability of mastering technology, and understanding complex algorithms, catches the eye of American companies resulting in American jobs outsourcing to China and India. Due to China’s fast growth, a one-child policy has been established and China will have to find a method that will take care of the anticipated mass amount of retirees. In doing so, this could halt the moves China is making to become the new economic power house. India will need to focus on building their infrastructure to catch up to China’s mass manufacturing. If both countries want to have economic dominance, China and India will have to grow at a substantial pace to provide jobs for their eager and younger work force. Along with these issues, political conflict, war, financial and heath crisis can deter both nations away from being the next country to dominate the