>The US outsourced to China because of cheap labor
Yeah, in 2003. The US offshores to Bangladesh or vietnam for cheap labor now and has for a long time.
Manufacturing is offshored to China simply because it cant be done in the US at anything resembling a reasonable cost, not because labor is cheaper. That is because the Chinese industrial ecosystem is unparalleled.
>China is a centrally planned economy. To argue it's more competitive than the US is again not tenable.
The economic dogma of the late 90s is getting a little long in the tooth now. Not least because it was completely blindsided by the rise of China.
It turned out that the most effectively run economies were a hybrid of distributed and centrally planned (China has open internal markets while credit allocation is largely centrally planned).
Yeah, in 2003. The US offshores to Bangladesh or vietnam for cheap labor now and has for a long time.
Manufacturing is offshored to China simply because it cant be done in the US at anything resembling a reasonable cost, not because labor is cheaper. That is because the Chinese industrial ecosystem is unparalleled.
>China is a centrally planned economy. To argue it's more competitive than the US is again not tenable.
The economic dogma of the late 90s is getting a little long in the tooth now. Not least because it was completely blindsided by the rise of China.
It turned out that the most effectively run economies were a hybrid of distributed and centrally planned (China has open internal markets while credit allocation is largely centrally planned).