Global Economies according to Friedman's The World Is Flat Research Paper

Global Economies according to Friedmans The World Is Flat - Research writing ExampleThis has allowed other growing economies to collabo localize irrespective of the geographical distance separating the collaborating countries. Based on the other(prenominal) and current elans in the U.S. scrimping, Flanders presents that as compared to some of the ten major recessions that have hit the U.S, those that have occurred in the 21st century have been the worst. This is indication that the in the next five years, another heat is promising to have even more serious impacts on the U.S economy. For instance, the 2000-2001 and the 2008-2009 economic downturns have had some huge effects, especially in major areas such as employment, growth, investment and personal disposable income. The rate of employment trend has continued to fall over the years with the invention of more new technologies that replaced human labor. Today, the 85% rate of employed men and women in 1960 has reduced to only 6 4%. This has also been marked by the decrement in the share of all men and women entering the workforce. Subsequently, Flander further explains that from the year 2000 to 2009 the average income per household dangle by 3.6% and has continued to fall up to date, especially with an increase in the inflation rate. Do you conceptualize chinaware ordain fleet the U.S. as a world economic power? According to Smith, although the coupled States, Germany and Japan are the greatest economies in the world, most model projections indicate that China and India will surpass some of these huge economies. For instance, Smith points out that as per the Goldman Sachs model projection, the gross domestic product (GDP) of the U.S will rise to $35.1 trillion from $10.1 trillion whereas that of China is expected to rise from $1.4 trillion to a massive $44.1 trillion. I agree with this idea, especially taking into consideration that during the 2008-2009 economic downturns, whereas the U.S. economy was rapidly shrinking, Chinas economy was still growing at a rate of 9% per annum. The recent performance of Chinas economy also shows that China is on track towards its long-term goal. For instance, the GDP grew 7.5% in 2001 and accelerated to 8.3% in 2002 and 9.5% in 2003. Moreover, Chinas trade links as well as the fact that China is a well known net creditor puts her economy in a good position of sightly one of the strongest economies globally.China is also known to be a great buyer of the U.S. bonds implying that to some consequence it has the capacity to determine the deficit that the U.S. can run considering the fact that the U.S. is among the biggest net debtors (McEachern). Friedman documents that China is the worlds greatest offshoring country to the extent that even the U.S is one of the beneficiaries of the attractive production prices in China. The Chinese precept system, with its emphasis on technical areas such as mathematics and sciences, has resulted in a situatio n where the fight of highly skilled workers in the U.S. are starting to compete against Chinese workers who can do a similar job at a low price. According to Flanders, one of the latest forecasts by the external Monetary Fund (IMF) reveals that perhaps by 2016 the economy of China will surpass that of the U.S. The forecast predicts that at that place is a current wrangle of the budget in Washington. This in turn leads to the emergence of a itemize of questions