The myth of post-American globalization?

A friend draws my attention to:
http://www.nationalpost.com/todays-paper/myth_post American globalization/4129580/story.html

The piece above leans on an article by Wang Peizhl, an economist at Shandong University of Finance in Jinan, China, which found that "China imports parts and semi-finished products from East Asia and, after processing and assembling, exports the finished products to Europe and the United States. Processed goods account for almost half of China's massive exports, and 85% of the companies producing the exports are foreign owned, compared with 64% in 1995". On that basis, Wang concludes that China's participation in international trade is "still based on low-skilled, labour-intensive products" and China's trade remains dominated by foreign firms that are "basically cut off from the domestic industry."

The argument above is correct, as far as it goes.

But the fact is that the Chinese economy is now based on production and profit, while the US economy is based on printing money and shuffling money. That is why China is able to buy so much around the world and why its influence is increasing, while the US and its allies are buying so little, with declining influence. The US is still the dominant global military and economic power, but it is much less dominant than it used to be, and its influence and power will continue to decline as long as it remains committed to following its current path.

If the USA wants to recover its power and influence, it needs not only spiritual revival and moral transformation, but also sane monetary, financial and economic policies, combined with reforming or withdrawing from the WTO. Sphere: Related Content