A Quote by Adam Smith
The retinue of a grandee in China or Indostan accordingly is, by all accounts, much more numerous and splendid than that of the richest subjects of Europe.
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Between 1995 and 2009, Western Europe's entrepreneurs created jobs faster than the U.S. did, and European economies exported more than the BRIC countries of Brazil, Russia, India and China. Eastern Europe's productivity increased more rapidly than East Asia's.
When I completed writing 'Soul Mountain,' I more or less closed the accounts with China for myself. I was 50 years old when I left, so China is already within me.
China is a much richer country than any part of Europe.
The United States really only accounts for about 3 percent of the economic engagement with Russia. Europe is 40 percent, and so Europe's contribution to this pressure is far more than symbolic. It's very practical. And that's one of the many reasons why we have worked hard to remain in close coordination with our European partners.
The U.S. has more broadband subscribers than any country other than China. Americans rank at the top in their use of the web, and numerous studies validate that the U.S. is a global innovation powerhouse. The leading Internet and e-commerce companies are located here.
U.S. exports to China have more than quintupled since China entered the WTO and have grown more quickly than imports. In fact, China is America's fastest-growing export market.
When China got into the WTO, that allowed it to sell into any other country within the WTO - not just the United States - at the lowest tariffs that country offered. And the other countries could sell into China at the lowest tariffs that China offered. The problem, right off the bat, was that China had much higher tariffs than everywhere else, so the U.S. and Europe in particular got the short end of that stick.
The American farmer, whose holdings were not so extensive as those of the grandee nor so tiny as those of the peasant, whose psychology was Protestant and bourgeois, and whose politics were petty-capitalist rather than traditionalist, had no reason to share the social outlook of the rural classes of Europe. In Europe land was limited and dear, while labor was abundant and relatively cheap; in America the ratio between land and labor was inverted.
At the moment we are hard-wired into the European markets - 50% of our exports go to Europe - and that has not been good for the UK. So I'm not saying "make Britain entirely dependent on China". I'm saying "let's diversify a bit". When I became chancellor, China was our ninth largest trading partner. This is the world's second biggest economy. China was doing more business with Belgium than it was with Britain.
Unlike Europe, China can't be intimidated. Europe backs down if the United States looks at it the wrong way. But China, they've been there for 3,000 years and are paying no attention to the barbarians and don't see any need to.
The truth is that we have long had a multi-track Europe with very different objectives. The traditional differences between the north and the south in fiscal and economic policy are far less problematic than those that exist between Eastern and Western Europe. In the south and east, China is steadily gaining more influence, such that a few EU member states no longer dare to make decisions that run counter to Chinese interests. You see it everywhere: China is the only country in the world that has a real geopolitical strategy.
It is not the actual greatness of national wealth, but its continual increase, which occasions a rise in the wages of labour. It is not, accordingly, in the richest countries, but in the most thriving, or in those which are growing rich the fastest, that the wages of labour are highest. England is certainly, in the present times, a much richer country than any part of North America. The wages of labour, however, are much higher in North America than in any part of England.
China is now expected to surpass Japan as the 2nd richest country in the world. They could become the richest, but that's only if we pay them the money we owe them, and that's not going to happen.
The phenomenon of nature is more splendid than the daily events of nature, certainly, so then the twentieth century is splendid.
This was a splendid life. Splendid in its obscurity and humility, splendid in its strength and charity, splendid in its achievements.
Of course, the UK is a significant economy that makes up a quarter of American exports to the EU, more than 50 percent of our exports in certain sectors and over 25 percent of the government procurement opportunities we have in Europe. Brexit reduces the size of the TTIP deal for the United States, and there will need to be an adjustment of expectations accordingly, but Brexit underscores the value of reaching an agreement at this critical moment in the evolution of Europe.
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