Thursday, April 19, 2012

A Nation of Spoiled Brats (Foreign Policy Review)
Well, there are two types of decline. The first is relative economic decline, and I think this should be uncontroversial. Funnily enough, it isn't yet fully uncontroversial, but it should be: namely, that America's share of the global economy is diluting. In 2000, America had about 31 percent of the global economy, so just under a third. And by 2010 it was down to 23.5 percent, just under a quarter. That is a remarkable shift. So relative economic decline shouldn't be something we debate too much because it's happening and it's going to continue to happen. And I think the U.S. share would be likely to fall to a little more than a sixth in the next decade or so, unless there are dramatic changes in the pattern and distribution of global growth.