Display:
That's what I mean.  The US didn't need trade to grow, so it insulated its industry from trade while expanding into the "virgin" continent.  China's expansion today, however, is entirely a global, trade based phenomenon.  It needs trade to grow, making an historical comparison between US vs. Britain and China vs. US misleading. It's more like pre-WWI Japan vs. pre-WWII US.
by santiago on Wed Jul 21st, 2010 at 08:49:11 AM EST
[ Parent ]
The apt comparison here is Germany and Britain between the German unification in 1870 and WWI.

If it hadn't been for the first world war, we would be having this conversation in German.

Incidentally, there's another parallel: The countries that won the first world war did so by being neutral.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Jul 21st, 2010 at 05:54:40 PM EST
[ Parent ]

Display:
Login
. Make a new account
. Reset password
Occasional Series