A new study shows that democracy and prosperity are inextricably linked.
With autocratic states like China and Russia looking poised for economic recovery, it’s often hard to make the case for ideals such as democracy and rule of law. To some, like Martin Jacques, author of When China Rules, autocrats seem destined to rule the world economy.
A columnist for the Guardian, Jacques predicted that by 2050 China will easily surpass America economically, militarily and politically. The belief in the power of autocracy even extends to such leading American capitalists as Warren Buffett and Bill Gates, who have nothing but high praise for what Gates enthusiastically describes as a “brand-new form of capitalism.”
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Voter thinking this Tuesday focused on jobs and the economy, and sent a clear message of dissatisfaction with economic progress to-date. Reinvigorating Main Street America’s employment picture, however, will not be easy. Problems have been building for years, long before the sub-prime crisis. Some believe automation is the major source of recent job losses. However, it is difficult to look at the constant parade of long trains carrying shipping containers inland, or the millions of illegals turning up all across America, and conclude that this is the case.
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In recent months, as Asia has weathered the financial crisis better than the West, and the Obama administration has taken a deferential approach toward China, numerous new books have declared that, finally, this will be Asia’s era. From Martin Jacques’ When China Rules the World: The Rise of the Middle Kingdom and the end of the Western World to Kishore Mahbubani’s slightly older The New Asian Hemisphere to the recent cover story in the Atlantic Monthly by James Fallows, which compared China’s gleaming infrastructure to America’s potholed roads and horrendous cell phone coverage, the Asia cheerleaders are out in force.
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