Sometimes the world economy seems like a giant spider web: Touch one part and the vibrations are felt throughout the structure. So it is that slowing demand for steel in China could have an impact on U.S. savings accounts.
Sure, there's bad news about China: pollution, corruption, the hounding and jailing of dissidents, etc. But overshadowing such reportage is the grander theme of a China on the move and on the make, poised to reshape the world.
Without question, the rise of China has been a major factor in our nation's loss of manufacturing jobs. However, there is growing evidence that China's challenge to U.S. manufacturing has peaked, and its competitive advantage is in decline.
China could be on the cusp of a new movement that markedly improves the lives of its workers, or the world could see this movement wither through a lack of organizing expertise or because of government crackdown. It's the moment of truth.