Light said:
Sorry, but that's incorrect. The world is little different today than it was then. The global market was going very strong at that time too. For a couple of examples, during that same time period the U.S. was a major exporter of grain (mostly wheat) to the U.S.S.R. OPEC was already in place and exporting oil all over the world, Argentina was already a major exporter of beef. Japan was selling small cars worldwide. There are many more examples. I gather that you weren't even around during that time and are simply going by what you think it was like.
But as you presumably have not noticed, the simple fact is that not only have use of resources increased several times over, so too have interpenetration of economic entitites. The situation today is different simlpy by virtue of the trends that were in place back in the 20's and 30's in terms of corporations, trade etc growing and coming to the state they are now.
Light said:
If you're alive you are assigned a job wheather it fits your talents and desires or not. That doesn't make for a productive workforce and quality suffers tremendously.
I thiinnk you'll find that it is far more open that that now, at least for an appreciable percentage of the population. Look at the Southern states, and the extent of entrepreneurship going on, as well as state investment in everything from universities to motorways.
Having said all that above, I disagree with alexb123 to a point, because as has already been pointed out, China has a lack of natural resources with which to bootstrap its way out of poverty. THe USA had lots by comparison, and used the fairly well to increase its industry and then its financial markets. China as far as I know imports just about everything in large quantities except coal.
Roman, your point about purchasing parity doesnt necessarily take into account the effects of debt. The USA is running a trade deficit, China has a trade surplus, which can be used to build up the economy. (Of course they'll probably waste a lot of it on military stupidity, but hey.)
For the title of next superpower, I expect CHina and India to be arguing about it. I read recently that wages are rising in Chinia, but staying quite low in India, which gives India an advantage in attracting cheap labour for cheap manufacturing.