Audience members at the “Best of IMCA” seminar series in Denver were once again reminded that they’ll soon report to their Chinese overlords. While Dr. Paul Tiffany was quick to note in his Thursday morning session that he “is not a bull on China” due to structural issues that will soon metastasize within the country, he nonetheless pointed to startling statistics that make the case for a “Chinese century” over the next 100 years.
The presentation, titled “The United States and China in the Global Economy—Where Are We Going?” began with a topical question about the impending fiscal cliff the domestic economy will encounter, and whether or not the United States will take the plunge.
“We’ve gone from the Greatest Generation to something akin to Japan’s Lost Decade, which is now a Lost Generation as it’s gone on for 20 years,” Tiffany, adjunct professor at The Wharton School, University of Pennsylvania, and the Haas School of Business of the University of California, Berkeley, explained.
Echoing recent comments from PIMCO CEO Mohamed El-Erian, he added that we are “currently witnessing the greatest global economic shift in 100 years, with assets and growth moving from the developed world to emerging economies.”
These emerging-market countries were left behind during the Industrial Revolution due to political, economic and cultural barriers. But with globalization, in conjunction with a revolution in communication and Internet technology as a “game-changer,” they are now catching up.