It’s not very often that a book opens my eyes to a problem. That’s
why I was so excited to read In
the Jaws of the Dragon by
Eamonn Fingleton.
Fingleton outlines the popular wisdom that opening Chinese (and other Asian)
markets to American products, and also opening American markets reciprocally to
Chinese markets in free trade was good for both countries, as well as a way to
promote democracy and capitalism in Communist China. However, as In the Jaws of the Dragon makes perfectly clear neither of these
facts is true.
The fact is, instead of American values and markets changing China, the Chinese
have changed America. Using what Fingleton calls the “Confucian truth ethic’,
the Chinese have convinced American leaders, corporate CEOs, globalists, free
traders, and the entire American public of the positives of this arrangement;
while they swept the truth under the rug. The truth is American businesses have
sent jobs overseas, have sent American capital overseas, caused a surge in the
black market of American goods.
Fingleton points to the rising piracy of American intellectual property and
copyright as well as recent concessions to Beijing by Internet companies like
Yahoo! and Google as the reverse convergence of Chinese values by American
companies. Not only are our business interests being subjugated, but also our
national security interests are at stake.
In the Jaws of the Dragon is the result of 20 years of study and
research, and the facts discovered cannot be contained. Fingleton reveals the
secrets behind the Chinese phenomenal savings rate and economic growth; and the
reasons that American products are not embraced in Chinese markets. This system
is at odds with our Western market ideals, but the Chinese have sold a bill of
goods that Americans have taken hook, line, and sinker.
Globalists and free traders point to China as a success story. In four decades,
a market of over a billion people has been opened and capitalism is affecting
the Chinese economy; proof of which is a rising Chinese affluence. Fingleton
shoots down these arguments with conclusive proof.
As In the Jaws of the Dragon points out, access to Chinese markets
is a good thing, as is free trade with such a large population. However, we
must be assured that ‘free trade’ is also ‘fair trade’. Fingleton outlines
changes we, as a country, can make in our foreign trade policy to erase trade
deficits and take advantage of the system, the way the Chinese have for
decades, equalizing relations.
If you want an eye-opening read on China (and other Asian markets) read in the Jaws of the Dragon. I
guarantee it will change your perspectives on the issue.
© Robert Cheek, 2011, 2013
