China isn’t America’s only failure — nor the worst one. In fact, given what’s happened to some countries since the “color revolutions” and the “Arab Spring,” the U.S. should be thankful that its efforts haven’t thrown China into political turmoil and economic chaos. The fact that China has maintained social and political stability and followed its own economic path has contributed to global economic growth, especially after the 2008 financial crisis. Rather than draining U.S. finances the way the nation-building efforts in Iraq and Afghanistan have, China has added greatly to American prosperity.
True, China’s fortunes have risen as well. Taking advantage of the globalization promoted by the U.S. and Europe, hardworking Chinese gained access to global capital, technologies, expertise and markets, all of which facilitated the growth of industry. Hundreds of millions of Chinese came out of poverty, and living standards in the country have risen substantially.
But it’s important to remember two things. First, Chinese workers paid a steep cost for these developments, just as American workers did. After entering the World Trade Organization, Chinese enterprises were suddenly thrown into direct competition with global peers. Many of them didn’t survive, leading to huge layoffs all over the country. At the same time, more than 2,000 laws and regulations had to be revised or abolished at the national level and about 190,000 more at the local level, causing widespread dislocation.
