Asia: The coming fury

The sudden end of the export era is going to have some ugly consequences.

In China, about 20 million workers have lost their jobs in the last few months, many of them heading back to the countryside, where they will find little work. The authorities are rightly worried that what they label “mass group incidents,” which have been increasing in the last decade, might spin out of control.

Ditto for Vietnam, Korea, Indonesia, and the Phillipines. The American consumer has stopped buying. That changes everything.

East Asia may be entering a period of radical protest and social revolution that went out of style when export-oriented industrialization became the fashion three decades ago.

One comment

  1. Did anybody ever believe that consumerism would bring world prosperity? The world has been mired in poverty for many years and the great boom of the mass consumerism era saw that poverty increase. We are facing the natural outcome of a flawed system and seem to be fighting hard to get the same set-up back on the rails, wealth for the few and poverty for the many. What seems to be happening now is that those who were relativly comfortable at the expense of the very poor are now joining them. Not a welcome nor a pretty sight, but one that might prompt people to think outside the box and devise an alternative system rather than patch up the same old corrupt pig trough.

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