Kevin Rudd has a piece on the rise of China for ‘Project Syndicate’. I disagree with him for the following reasons:
(1) I am, by nature, a contrarian.
(2) The current consensus on China being the global model on everything from democracy to market economics to trade openness to gender equality is so risible that it does not behove intelligent people to join the bandwagon.
(3) China has become more indebted than the West before it has become half as prosperous as the West.
(4) Asia is still short of vital resources such as water. China is no exception.
(5) The dominance of the West (in the aggregate) is only 200 years old whereas Asia (India and China) dominated for nearly Eighteen centuries. There is plenty of time for mean reversion to happen.