Dec. 28, 2020
A garment factory in Gazipur, Bangladesh. Manufacturing and exports are shrinking as forces in the global economy, so it can be hard to imagine what would power the next “growth miracles.”Credit.Shamsul Haider Badsha/Agence France-Presse Getty Images
After 2000, globalization and surging commodity prices astronomically boosted economic growth among nations with emerging economies. Over the next decade their share of the global economy nearly doubled, growing to 35 percent. By 2007, 107 of the 110 developing economies featured in the Penn World Table were catching up to the United States in average income, helping millions to escape poverty. The celebratory mood was captured in a popular phrase: “The rise of the rest.”
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A Taiwan Semiconductor Manufacturing Company office in Tainan, Taiwan.Credit…An Rong Xu for The New York Times
The Cold War between the United States and the Soviet Union perpetually threatened to spark conflict in nations all over the world, including battles over the control of a vast array of natural and industrial resources. The new Cold War, between the United States and China, is increasingly focused on access to just one industry in one place: computer chips made in Taiwan.
Opinion | Pound for Pound, Taiwan Is the Most Important Place in the World nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.
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