Uncle Sam’s time is over; China set to topple US as most powerful economy: Nobel Laureate Joseph Stiglitz

China is on course to overpower the US economy and the world’s power balance is about to change soon, Nobel Laureate Joseph Stiglitz said.

The global order is on the verge of change in wake of China’s steady economic rise, said American economist Joseph Stiglitz on Friday at a media event. “China is on course to overpower the US economy and the world’s power balance is about to change soon,” Nobel Laureate said. Speaking further on China’s spectacular economic rise Joseph Stiglitz said that the dragon has grown faster than anyone expected in the last 25 years and further rise is very much on cards in terms of economic parameters. “China’s population is nearly 5 times that of America and its PPP can almost double in the coming fifteen years,” he anticipated.
Speaking on the same occasion, Prime Minister Economic Advisory Council (PMEAC) chairman Bibek Debroy said that India is likely to be 20 years down the line in the same place where China is now in terms of PPP. He also said that backlash that China is facing at present will also be witnessed by India some years from now. Contrary to what most of the economists are saying on Trump’s protectionist policies, he said that the topic should not be blown out of proportion. “Countries like China may have precipitated the trade war,” Bibek Debroy added further.
Earlier economist Joseph Stiglitz criticised protectionist trade policies followed by Donald Trump saying such measures have disrupted the normalisation of global trade. Trump has upset the normal way of doing trade by exploiting the problems existing with globalisation, he said. The professor at Columbia University who was sharing his views on the topic ‘Anti-Globalisation in the era of Trump’ said that only the US citizens will be adversely affected by the protectionist measures taken by trump administration in the recent past. These protectionist measures can easily hurt car sales in the US, he told the audience. “The WTO could very well become WTO minus one and declare US as the rogue state not following the rule of law,” he also anticipated. There are underlying concerns with globalisation and there is a need to rethink the global trade framework very soon, Joseph Stiglitz said.
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