Professor Woo took the position that China’s growth with unravel before its economy over takes the U.S. economy. There are three reasons for this: economic problems facing the country (like banking sector issues and fiscal policy problems), social instability and environmental collapse.
“Social unrest has increased in the last decade.”
“China has the dirtiest air in the world.”
“There has a change in expectations of the people… Chinese have learned to aspire to the better things in life.”
“Changes in policy may be retarded by factions within the party.”
“If there’s not harmony in China, there’s not going to be harmony in the world.”