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11 Will China Dominate the Century?

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Chapter Summary

When in 1964 China first tested a nuclear weapon, the West had every reason to be worried. West Bengal's fiscal deficit is large and interest payments on debt the highest in India, but it now has one of the highest rates of growth of the Indian states. Now, as unemployment, inequality and crime rise, the indications are increasing that China might be looked back on as the third big falling star of the latter half of the twentieth century. In China the veneer of end-of-the-century technology and know-how is eggshell thin. China would have to divert vast sums from economic development to defense if it wanted to begin to catch up with the US. China is increasingly tied to the American economy, and two fifths of its exports go to the US. Its vast overhang of savings is invested in the US bond market.

Keywords: China; economic development; nuclear weapon; US bond market; West Bengal's fiscal deficit; Western exports



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