DislikedI have to say this is an interesting theory, though I disagree with it completely. There are currencies devalued even more than the Chinese Yuan, why was it they did not have the same miracle growth? Chinese, or Korean, or Japanese growth in the 1980's were the result of people working 10 hours or more a day, 6 or more days a week. And they save and invest. More than 100 countries peg their currencies to the US$, very few if any had the same growth as China. Want growth? Save and invest. Devaluation without hard work only reduce your standard of...Ignored
Export based economy? The idea remains but the name will change... computer AI/Scientific/Technological breakthroughs give US a leading edge across multi sectors of the economy. They will supply the world with ideas/gadgets/service.. After the crash Obama realized we need to become less reliant on others... global growth grew too much too fast because of this reliance. exports grew to 14% of US GDP and it is going up.
What does export-driven USA mean?
Please read: http://www.the-american-interest.com...cfm?piece=1227
Caption: "The vision I’m painting isn’t around the corner, but, barring global catastrophe, it stands a good chance of arriving over the next two decades. We can think of exports as one path out of what my 2011 book called “The Great Stagnation”, referring to the slowdown in economic growth and living standards in the United States."