{"id":44364,"date":"2018-07-05T13:20:42","date_gmt":"2018-07-05T20:20:42","guid":{"rendered":"http:\/\/world.edu\/?p=44364"},"modified":"2018-07-05T13:20:42","modified_gmt":"2018-07-05T20:20:42","slug":"lessons-in-chinese-history-as-america-shuts-off-from-the-world","status":"publish","type":"post","link":"https:\/\/world.edu\/lessons-in-chinese-history-as-america-shuts-off-from-the-world\/","title":{"rendered":"Lessons in Chinese history as America shuts off from the world"},"content":{"rendered":"

\"\"
\nThose who have studied history understand the importance of being engaged in the global economy.<\/p>\n

Two thousand years ago, China represented nearly 25 per cent of the global economy. In 1600, it was 30 per cent, and a third in 1820. The country was\u00a0a global powerhouse, to say the least.<\/a><\/p>\n

There is a famous story from 1792\u00a0when King George III\u2019s ambassador led a trade mission to China<\/a>\u00a0with a cargo of the latest European technologies to present to the Chinese emperor \u2014 telescopes, globes, barometers, lenses, clocks, carriages, and other such things.<\/p>\n

Historians report\u00a0the Chinese emperor said<\/a>: \u201cThere is nothing we lack \u2014 we have never set much store on strange or ingenious objects, nor do we want any more of your country\u2019s manufactures,\u201d thus reflecting his insular view.<\/p>\n

A complicated set of factors, including weak Chinese leadership, internal conflict and a rejection of Western technology led to China turning inward and\u00a0missing out on the Industrial Revolution<\/a>. This left China significantly weakened, and subject to invasion and\u00a0Western humiliation.<\/a><\/p>\n

China down and out for more than a century<\/strong><\/h4>\n

China\u2019s demise in the 1800s lasted for more than 100 years. It was not until the 1978 Chinese Communist Party\u00a0reforms under Deng Xiaoping<\/a>that China re-emerged, allowing it access to Western markets and technology, thus providing economic growth and prosperity for the Chinese people.<\/p>\n

Today, on a PPP (purchasing power parity) basis,\u00a0China is the largest economy in the world<\/a>\u00a0\u2014 as it was 200 years ago.<\/p>\n

Interestingly,\u00a0China\u2019s growth was driven by exports in industries that saw the most significant liberalization<\/a>. Going forward, China\u2019s growth will likely slow as it will need to increasingly compete in industries in which there is much more protection.<\/p>\n

This experience provides clear lessons for the United States.<\/p>\n

The U.S. has been the world\u2019s largest economy for the past 150 years. As journalist and author Farid Zakaria noted in\u00a0his 2008 book<\/a>\u00a0The Post-American World and the Rise of the Rest<\/em>, it\u2019s now a post-American era, where the U.S. is not falling, but other countries are closing the gap.<\/p>\n

But Zakaria\u2019s book was published before the rise of Donald Trump and the insular and protectionist sentiment sweeping America.<\/p>\n

Trump rejects access to global economy< <\/strong>\/h4>
\nThe first tangible action of the Trump administration that pushed the U.S. towards an isolationist stance was his\u00a0rejection of the Trans Pacific Partnership<\/a>, a trade agreement that would give the U.S. access to an enormous share of the global economy.
\n
\"\"

Donald Trump would be wise to heed the lessons of Chinese history as he shuts off the United States from the rest of the world. (AP Photo\/Manuel Balce Ceneta)<\/p><\/div><\/p>\n

Trump has also ordered a\u00a0renegotiation of NAFTA<\/a>, and\u00a0has imposed tariffs on steel and aluminum imports<\/a>\u00a0into the U.S., prompting swift retaliatory action from the Europeans and Canadians. And now there is a very real possibility of a\u00a0further round of tariffs.<\/a>\u00a0An all-out trade war seems increasingly likely, with dangerous economic and political ramifications for the United States and the world economy.<\/p>\n

Also, and remarkably amid tensions with North Korea, Trump has also forced more protectionist dimensions into the U.S.\u2019s\u00a0free-trade agreement with South Korea<\/a>.<\/p>\n

Trump\u2019s views that such agreements allow the rest of the world to benefit at the expense of the U.S. is so very wrong \u2014 these are not zero sum agreements. His moves to limit immigration are another dimension in his insular and protectionist vision for the U.S.<\/p>\n

Reminiscent of China<\/strong><\/h4>\n

Closing the U.S. off to the rest of the world is reminiscent of China more than 200 years ago. Of course, the circumstances are very different and it\u2019s a different age. Nevertheless, leading economies of the world must be fully engaged in the global economy, both economically and politically.<\/p>\n

It\u2019s time for Trump and his supporters to understand that it is inconsistent to be a global power and protectionist.<\/p>\n

The United States must remain open to trade, investment, immigration and the free flow of ideas. It must remain fully engaged in international institutions such as the United Nations, the International Monetary Fund and the World Bank \u2014 being a superpower is about both hard and soft power.<\/p>\n

There is a clear contradiction between \u201cmake America great again\u201d and closing off from the world. If the U.S. closes itself to the world, its future as a world leader in every way is at significant risk.<\/p>\n

Author Bio: <\/strong>Walid Hejazi is an Associate Professor of International Business, Rotman School of Management at the University of Toronto<\/em><\/strong><\/h4>\n","protected":false},"excerpt":{"rendered":"

Those who have studied history understand the importance of being engaged in the global economy. Two thousand years ago, China represented nearly 25 per cent of the global economy. In 1600, it was 30 per cent, and a third in 1820. The country was\u00a0a global powerhouse, to say the least. There is a famous story […]\n… learn more→<\/a><\/p>","protected":false},"author":33,"featured_media":44365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[8187],"coauthors":[11733],"class_list":["post-44364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-politics","tag-history-3"],"acf":[],"yoast_head":"\nLessons in Chinese history as America shuts off from the world - World leading higher education information and services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/world.edu\/lessons-in-chinese-history-as-america-shuts-off-from-the-world\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_US\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Lessons in Chinese history as America shuts off from the world - World leading higher education information and services\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Those who have studied history understand the importance of being engaged in the global economy. 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