Custom «The Rise of China» Essay Paper
The economy of China has been growing at an extraordinary speed, since the Chinese government launched its market reforms three decades ago. Since 2010, the People republic of China positions as the second largest economy in the world, after the United States. It, also, is the fastest growing economy over the past thirty years, grown consistently at a rate of about thirty percent. This paper discusses why the China rise is a bad thing for the U.S.
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The rise of China fosters unemployment in the United States. The U.S manufacturing firms are declining due to the influx of cheaply-priced goods from China, such as clothes, machinery and electronics (Haddad and Shepherd 2011). China, being a free market and affording cheap labor; is more conducive to set up a business than the U.S. The U.S manufacturers opt for outsourced labor, which is cheaper for them, hence increasing their profits. Therefore, Americans end up losing on the jobs which increases the rate of unemployment.
Secondly, the standard of living among the Americans is low. Since the more highly skilled jobs are now taken away by Chinese, they have to take service industry jobs of lower quality and poorer pay, for instance, fast food work. According to Price (2003), The American job market is fragmented; there exists a growing separation between higher and lower skilled jobs since many middle-skilled jobs are already shipped overseas. Therefore, even if the products coming in the country are cheap, people do not have money to purchase them. Lastly, it has created a trade deficit between China and the U.S due to the difference between the dollar and the Yuan and the fact that China exports more to the U.S than it imports from her (Price, 2003). In conclusion, from the above information, the cons of China’s rise on the U.S are clear. Therefore, we can only conclude that it is a bad thing for the United States.
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