Remade in America

by Jim Rohwer

Book Overview

In a stunning rebuke to a large group of naysayers, Jim Rohwer convincingly argues that the Asian financial crisis of 1997-1998 was not a turn for the worse; rather it was short-lived and helped rid... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0471479217
• ISBN13: 9780471479215
• Release Date: November 2003
• Publisher: 0
• Weight: 1.21 lbs.
• Dimensions: 5.9" x 9.8"

Customer Reviews

Prophetic (2)

Jim Rohwer could not have known how right he was.The blistering pace of economic growth in China has really accelerated in the couple of years since this book came out. China is now firing on all cylinders, delivering a phenomenal performance which combines high GDP growth with low inflation, unlike in the first decade of reform, which suffered from rampant inflation. FDI into China is now at an all time high, projected to exceed $60 billion in 2004. In 2003, electricity production is up 14% (the average in the preceding 10 years was 7.8%). Industrial production is up something like 15%, while oil consumption is up at least 30%. GDP growth for all of 2003 was revised upwards to 9.1%, and the 4th quarter of 2003 was up 9.9% year on year, meaning the economy speeded up in 2003. Western estimates, made by Morgan Stanley, CSFB, Goldman Sachs, and others, are beginning to believe that the Chinese government's official data are now UNDER-estimating real GDP growth, which, based on a broad basket of economic indicators, should be in the double-digits.Thus, China is growing at two-and-a-half times America's rate of 4%. Maybe more. In the next decade this amazing performance may not be able to sustain itself. But China can still hope to grow at twice America's rate on avereage until 2020 or 2025, which is what Jim Rohwer expected. By then, China's economy will be the world's third largest, and if the yuan rises in value in the meantime, China's nominal GDP will be bigger than Japan's and thus the second largest in the world. In PPP, however, China will be larger than America. Overall, China is going to be the second largest economy in the world in 20 years' time.China could never get there unless its methods are "remade in America."

Prophetic

Rohwer said China was on the verge of a boom, and America a slowdown. He said this when all of Asia (minus Japan) seemed mired in the Asian financial crisis, while America was prospering and its stockmarket at dizzy heights. Well, how right he was. And Rohwer, who died shortly before 9-11, could not have foreseen all the reasons why he would be proven prophetic. My guess is, even he would have been surprised by his own amazing fortune telling abilities (about international economics anyway). This book is a gem.

Insightful!

Jim Rohwer does a wonderful job explaining the complexities of the 1997-98 Asian economic crises and what the future holds for the region in this era of globalization. Using a unique style, he tells the stories of Asian nations - how the `90s crises affected their economies and populations, what they've done in response and how they are positioned for the future. This is done with a striking lack of hard numbers, which might diminish the credibility of some observations, but certainly helps them go down a little easier. We from getAbstract recommend this book to all readers with an intellectual or business interest in Asia.

A Great Book about Asia, esp. China

Rohwer's academic credentials are sterling. No ivory tower academic, he had a lot of first-hand field experience, in addition to sharp writing skills. Rohwer also spent a good deal of time in China, so he saw "frontline" duty too. Rohwer had a unique combination of qualifications - perfect for writing this book. I would give him 6 stars if I could. If he was right, then clearly China is on course to become an economic superpower. He also predicted America's slowdown, writing at the height of the Clinton boom years. The sad postscript about this book is that there won't be a second edition. Rohwer died in an accident in France in Sept., 2001.I recommend this book and his previous book as antidote to Bill Emmott's "20:21". Both worked at the Economist, coming to different conclusions about China. If you haven't read either book, I'd only point out that not only did Rohwer have a much better resume, he was far more articulate and realistic in his facts, figures, and views than the contrarian Emmott, who seems to have forgotten Henri Poincare's admonition: "To be credulous and cynical about everything are both wrong - they dispense with the need to think."