The economic bogeyman in America’s competitive future is China, and for those old enough to remember, the fear of China eating America’s lunch as the No. 1 economic power in the world is reminiscent of the day we once feared Japan’s rise.
That fear, popularized in the ’80s, proved short-lived. Today, there is no shortage of experts saying China’s future dominance is certain. “When China Rules the World,” a new book written by Martin Jacques and praised by Goldman Sachs’ chief economist Jim O’Neill, predicts that by 2027 China will overtake the U.S. as the world’s No. 1 economy.