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In China's Shadow

In China's Shadow: The Crisis of American Entrepreneurship

Reed Hundt
Copyright Date: 2006
Published by: Yale University Press
Pages: 208
https://www.jstor.org/stable/j.ctt5vm735
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  • Book Info
    In China's Shadow
    Book Description:

    This book begins with an eye-opening exploration of the rise of China's economy and an assessment of its potential for further rapid growth. The implications of China's new power are nothing short of profound, Reed Hundt contends.In China's Shadowproceeds to paint a detailed landscape of the new reality confronting American businesses and citizens. For the first time in over one hundred years, Americans face critical challenges to their economy and way of life owing not only to China's impending economic might but also to the drift of U.S. business practices and government regulations over the past decade.Aiming for a respectable defeat in the competition of nations will imperil not only the American Dream of an ever-increasing standard of living but also the American project itself, Hundt warns. Meeting the foreseeable challenges is not a matter of legislative strategy from the political left or right or prescriptive plans for businesses. The best chance for Americans to lead the world in job and wealth creation lies in an expanded and renewed culture of entrepreneurship. Hundt reviews the lessons of the 1990s, when the architectures of law, technology, and leadership produced a robust culture of entrepreneurship, and analyzes how entrepreneurship is being undermined today. He challenges Americans to do what they do best-adapt, invent, innovate, take risks-and points the way for a reinvigorated entrepreneurial society.

    eISBN: 978-0-300-15110-7
    Subjects: History

Table of Contents

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  1. Front Matter
    (pp. i-iv)
  2. Table of Contents
    (pp. v-vi)
  3. ACKNOWLEDGMENTS
    (pp. vii-viii)
  4. Introduction
    (pp. 1-10)

    China challenges the American economy more than any other nation has ever done. Through a unique and oxymoronic combination of communism and capitalism, China is launching millions of firms into global competition with American firms. At the same time, it is putting hundreds of millions of low-paid, increasingly high-skilled people into competition with American workers. If Chinese firms win big shares of most markets and Chinese labor provides much of the goods and services produced by Americans today, then the American Dream of ever-increasing wealth for everyone who works hard will become a forgotten reverie.

    Like the movement of tectonic...

  5. CHAPTER 1 Looking East Toward the Dawn
    (pp. 11-40)

    Westerners have discovered and rediscovered China many times since Marco Polo explained the Middle Kingdom to Europeans in a narrative dictated in a Genoese jail in the thirteenth century.¹ Polo may not even have been to China.² He certainly did not see all that he described. Nonetheless, although some scoffed at its “million lies,” Europeans copied Polo’sTravelsfor the next two centuries and passed them around like downloaded music files in the 00s.³ Christopher Columbus studied a copy in an effort to find his way to Asia.⁴ Like Columbus, in the 700 years since Polo dictated his stories, many...

  6. CHAPTER 2 The Uprooting of American Business
    (pp. 41-56)

    American firms see that China’s new culture is giving birth to entrepreneurs who will attack their markets.¹ In response, they could fight a competitive battle in China. Or, they could stay at home and negotiate joint ventures or other alliances that in practice amounted to a division of geographical markets. Alternatively, they could hollow out their activities, turning themselves into American retail stores for products invented, designed, and made in Asia.²

    The first choice—competing in China’s domestic market—is the path for most American information technology firms. To win in global competition, American technology businesses are replanting themselves far...

  7. CHAPTER 3 The Up and Down of Entrepreneurial Culture in America
    (pp. 57-88)

    Thinking about new jobs that will raise incomes for all Americans, everyone suffers a failure of imagination. Jobs, income growth, and economic health cannot come from arm-twisting big firms to “keep your best jobs here.”¹ The better the high-paid jobs, the more transient they are. Many service jobs will stay in the United States, but that is no obvious cure to the American workers’ plight. To gussy up the average income for this sector, the U.S. Trade Representative lumps tour operators and insurance adjusters in with doctors and bankers. This fit of egalitarianism cannot obscure the fact that in constant...

  8. CHAPTER 4 Home Improvement: Rebuilding the Architectures of Culture
    (pp. 89-116)

    Notwithstanding the dearth of leadership, failure of institutions, and many other obstacles to reform, Americans must pursue changes in the architectures of law, technology, and leadership. The starting point is broad discussion of these changes. The details matter, but the general outline has to be agreed upon. Especially in the Internet age, the exchange of ideas itself changes culture.

    Change in the legal architecture means new laws, regulations, taxing, and spending. Technology changes include different directions in research and design. Leadership changes involve new thinking by those who hold institutional power but also new leadership from below, facilitated like all...

  9. CHAPTER 5 America the Hopeful
    (pp. 117-134)

    The greatest power to change culture stems from ideas. The greatest way to express ideas is through stories. In the Golden 90s technologists led the world in telling tall tales. They spun fantastical futures. At the zenith of the boom, narrators abounded and audiences swelled. Conferences multiplied like kudzu vines.ForbesandFortuneand Vortex and VON, on and on the hosts proliferated. They summoned the technorati, money guys, and media types to Aspen, Telluride, Sundance, Laguna Beach, and even the stodgy old Waldorf Astoria, where the hype had paraded many times before. The people with money and power they...

  10. NOTES
    (pp. 135-186)
  11. INDEX
    (pp. 187-200)