China

Immigrant Entrepreneurs Can Turbocharge Cleveland’s Flagging Economy

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In seeking to lure a Chinese lightbulb-maker to town, Cleveland leaders revealed both a vision and a blind spot.

Cleveland Mayor Frank Jackson and his team should be given credit for recognizing the tremendous opportunity in attracting foreign direct investment, or “FDI,” and the new jobs that it provides.  read more »

China’s Urban Challenge: Balancing Sustainable Economic Growth and Soaring Property Prices

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Today, Beijing seeks to balance strong economic growth and soaring prices amidst a severe global crisis and debt turmoil in advanced economies. The challenge is colossal – to provide urban space for more than 600 million people in the coming decades.

For months, the famous hedge fund wizard, James Chanos, has been predicting a severe Chinese property slump. As he puts it, “Dubai times 1,000 – or worse,” with the “potential to be a similar watershed event for world markets as the reversal of the U.S. subprime and housing boom.”  read more »

Racing China: The Australia Housing Bubble

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"The writing is on the wall for the Australian dream," according to Professor Joe Flood at the Flinders University Institute for Housing, Urban and Regional Research. That was before recent predictions that Australia's overheated housing market may be headed for even higher prices. Real estate experts have recently predicted a doubling of house prices in all five of the largest metropolitan areas over the next decade.  read more »

Shanghai: The Rise of the Global City

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The opening of the World Expo heralds Shanghai’s coming of age, the rising economic might of China, and the financial power of Asia’s legendary metropolis.

But that’s only part of the story. The World Expo also reflects the rise of Shanghai as a global city and the intensity of competition among emerging Chinese mega-cities.  read more »

A Carbon Added Tax, Not Cap and Trade

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Paul Krugman devoted a recent lengthy New York Times Magazine article to the promotion of a disastrous “cap and trade” regime for reducing carbon emissions. Though he doesn't outright endorse it, he strongly suggests that the Waxman-Markey bill that passed the House would be acceptable to him. Krugman then proceeds to pooh-pooh the carbon tax idea, one that I believe has far more merit.

Cap and trade would be a debacle for a slew of reasons. The most important is that it won't even reduce carbon emissions.  read more »

Contemporary China's Mirror Image: Imperial Germany

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China has emerged as the bad boy on the global scene, pushing around executives at Rio Tinto, attacking Google, and humiliating Barack Obama at the Copenhagen Climate Talks. Speculation is growing about China’s rising power and the country’s leaders are displaying a discouraging sense of hubris. There is growing fear that the autocratic Middle Kingdom will soon dominate the world.

These fears have parallels with another rising power of a century ago: Imperial Germany. Both emerged quickly on the global scene and did so with an enormous chip on their shoulders. Like China today, Germany was a little late coming to the industrial revolution, though its cultural contribution to European civilization and in turn to American civilization was enormous  read more »

The Asian Urban Ascendancy

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Urbanization doubtlessly has been the most significant demographic trend in the world for at least a century and promises to become even more significant in the future. The trend began in the United States and Western Europe as people moved by the millions from the countryside to the urban areas, where employment and a better life were possible.  read more »

What American Demographics Will Look Like in 2050

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To many observers, America's place in the world is almost certain to erode in the decades ahead. Yet if we look beyond the short-term hardship, there are many reasons to believe that America will remain ascendant well into the middle decades of this century.

And one important reason is people.  read more »

Creating a Pearl River Delta Megapolis, The Growth Story of the 21st Century

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In Southern China, the Pearl River Delta is giving rise to an urban super-power in the first rank.

In 2005, the wealthiest metropolises were still led by the thriving urban agglomerations of the leading advanced economies in North America, Western Europe and Japan; that is, Tokyo, New York City, Los Angeles, Chicago, Paris and London. The scale economies of these metropolises are as significant as those of many national economies. For instance, the estimated GDP of Tokyo and New York City, respectively, was not that different from the total GDP of Canada or Spain, whereas London’s estimated GDP was higher than that of Sweden or Switzerland.  read more »

America on the Rise

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For much of the past decade, "declinism" – the notion that America is heading toward a deadly denouement – has largely been a philosophy of the left. But more recently, particularly in the wake of Barack Obama's election, conservatives have begun joining the chorus, albeit singing a somewhat different variation on the same tune.  read more »