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Rise of the Rest

This point of the start of the decline of United States is questioned by Michael Cox who says that although BRIC and the rest are rising and developing there is no such power shifting taking place. (Cox 369). Although economies of this group of nations, especially of China, India, and Brazil, are large and will definitely expand with time, it does not mean that they will outdo most of the western nations or United States. National incomes of this group of countries increased phenomenally and within decades it was seen that the per capita income had doubled. Last years of this century saw ‘the rest’ over expanding and falling into debt due to the hubris of economic success. However, it was still apparent that it would continue to take the place of North Atlantic’s bread-and-butter manufacturing, the same way that North Atlantic’s multinational organizations kept on jostling to gain entry into its financial markets. Thus, their participation rate of world manufacturing output rose from under a twentieth in 1965 to almost one-fifth by 1995. A noticeable divide regarding manufacturing experience among the backward nations was already there when World War II ended; the rest had been able to achieve enough manufacturing experience but the remained had failed in this aspect as they had not really had enough exposure to factory life before the war and did not reach the rest’s industrial diversification. The rest had obtained this experience in producing silk, cotton textiles, foodstuffs and light consumer goods that helped them to move toward mid-technology, and later on to high-technology sectors. ...Show more
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A paper "Rise of the Rest" reports that national incomes of this group of countries increased phenomenally and within decades it was seen that the per capita income had doubled. Last years of this century saw ‘the rest’ over expanding and falling into debt due to the hubris of economic success…
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