Staff bloggers at The Economist have been speculating on the decline of the American economic superpower and sound like they might enjoy welcoming America to the club of fallen empires:
Underlying all this is the question: Who cares? If America loses its position as the world’s largest and most powerful economy does it really matter? The country’s national pride would take a blow. And perhaps there are geopolitical reasons for wanting to hang on to the top spot. But, economically speaking, it probably wouldn’t be so bad. Often when it comes to growth and globalisation, a high tide raises all boats. For example, the quality of life today is far better for most Britons than it was a century ago, when it was the world’s leading empire. Britain’s economy still grew even as America’s topped it.
But of course, we care. Here’s the breakdown of how they see America losing its place at the top:
- China could pass the US in GDP.
- India could become the global centre for innovation.
- International students could give up on the US education and immigration systems and take their ideas elsewhere.
- US debt could become unmanageable, causing high interest rates that stifle growth.
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