Product Description
By the early 90s, a raging bull market was delivering spectacular returns, causing some to believe that a market collapse and subsequent depression would soon appear. As a result of these fears, some exited the capital markets altogether. Thereafter, the Internet took off causing the market bubble to swell, many high-tech stocks with seemingly limitless valuations. Over the course of its 13-year stretch, the market appreciated by over 600 percent, with average annual returns in excess of 18 percent. And we all remember what happened at the start of the new millennium. Even after the deflation of the Internet bubble, cautious investors who pulled out of the market a decade earlier missed out on spectacular returns since then. Many investors who entered the market near its peak suffered devastating losses. But most who remained invested since the early 90s are still much better off today. While this correction revealed the most recent illusions embedded within the economy, it s only a small part of what will be a larger correction in the coming years. Despite the scandals in corporate America and Wall Street, many investors fail to recognize that the post-bubble period is quite different from the Bull Run in the 90s. But today, the capital markets have been realigned with authenticity, and economics now control the investment cycle rather than hype generated by Wall Street. Accordingly, Wall Street and the U.S. Government can only hide the realities of America s decline for so long. Unfortunately, America entered the free trade paradigm as a losing participant from the start. While America remains as the centerpiece for the global economy, it relies on record debt to maintain its status as the world s strongest consumer marketplace. But this cannot last much longer. America s vulnerable role in the new economy threatens to erode the strength of its empire. Already, America has witnessed a gradual disappearance of its core citizens; the middle class. As well, poverty continues to grow while America s wealthiest quintile increases their wealth. These trends have been masked by record levels of credit-based spending and manipulation of economic data. For over two decades, several nations have benefited at the expense of America s job base and living standards. This led to a long period of excessive consumption relative to productivity. When the economic boom from the post-war period began to lose steam in the 60s, consumption began to exceed productivity, as Americans refused to acknowledge a decline in living standards. Up until the 70s, America fueled this consumption-production disparity using the surplus wealth generated during the post-war boom. During the 80s, America s growing consumption was compounded by massive government spending and a devastating oil crisis. Shortly thereafter, the consumer credit industry grew to meet the demands of a nation experiencing large productivity deficits. And today, America is vastly different than the post-war period. Rather than increases in net wealth, America s growth over the past two decades has been fueled by credit spending which has created the illusion of impressive productivity, while serving to mask declining living standards. As a consequence of these changes, America s financial industry is now one of its biggest and most profitable. Today, America is more dependent on foreign nations than anytime in its history. Declining oil reserves and a foreign-funded credit bubble have positioned the fate of this nation in the hands of the world. Soon, America will face the economic burden of 76 million aging boomers. Beginning in 2011, mandatory expenditures for Medicare, Medicaid and Social Security will start to grow rapidly. By 2025, these expenses will have swelled to unthinkable levels.
Customer Reviews:
Excellent presentation of data, some mistakes.......2007-10-11
The author did an excellent job compiling data that is extremely important to understand if one is to thrive in America in the next 2 decades. There will no doubt be sweeping changes to rectify our current account deficit and aging boomer population. The author shed light on the politics behind Greenspan & Co's delay when our country needs to address these problems now. Other topics include: the .com bubble, real estate / credit bubble, free trade, health care, social security, energy crisis, and education.
Yes there are typos and some minor implications that are incorrect, but I don't believe they affect the overall concepts presented. I have also read "The Dollar Crisis" and find both books to be honest presentations of America's current economic state. I would have enjoyed even more information on developing nations, but the title of the book focuses on America, so be it. Overall, I felt this book was an excellent read that is neither conservative nor extreme but simply a presentation of data and well-thought hypothetical analysis of what is to come for America. Only the typos keep it from getting 5 stars.
Riddled with inaccuracies.......2007-07-30
This book manages to cover all major problems faced by the United States in the next 20-30 years - trade deficit, healthcare crisis, education crisis, etc. - and it does so in a fairly comprehensive way, with large numbers of facts and graphs.
The reason why I can't give it more than 3 stars for this achievement is that the number of mistakes it contains (from misspellings to factual errors) is absolutely incredible. It seems that no one (other than the author) so much as read the book before it went to the printing press.
First of all, there are spelling errors. English is not my native language, yet I've been able to notice one spelling error every 20-30 pages. "Notices in-lue of gold" (p.2). "Right to bare arms" (p.25). "America will loose its technology edge" (p.61), and so on. There are factual errors as well. According to the author, Statue of Liberty was erected on Ellis Island (p.27), Berlin Wall fell "a few years" after 1991 (p.10), and Albert Einstein immigrated into the United States in 1940. He thinks that women who give birth after entering the United States illegally are guaranteed citizenship because their newborns become U.S. citizens (p.32) - but he either does not know or fails to mention that they have to wait for their child to turn 18 before they even have a shot at legalization. He frequently claims (or implies) that Chinese goods are cheaper because Chinese government and Chinese companies do not provide healthcare or retirement benefits to their workers (p.41), when in fact they do. All these problems make me wary of any other claims he makes in his book.
There are many interesting graphs and charts in the book, but at least some of them were "cooked up" by the author from third-party data, so they are not always reliable. One rather puzzling chart is located on p. 113. It is a pie-chart labelled "Factors Driving Rising Costs in Healthcare (2001-2002, in $ billions)". However, pieces of the pie are labelled with percentage values and clearly add up to 100% (e.g. "Increased Consumer Demand, 15%"). Author comments, "Someone explain to me the economics of increased consumer demand leading to a 15% increase in healthcare costs in one year". It's clear that he has no idea what's really shown on the chart.
The book is heavy on portrayal of various weaknesses in modern U.S. economy, but rather light on attempts to predict the future. There is almost no discussion about the impact of American crisis on the rest of the world. Author predicts major revaluation of the dollar, but does not provide any macroeconomic analysis of consequences of this revaluation. He seems to think that collapse will not occur at least until 2012, but he's not very clear why he thinks it won't be triggered by deflation of the real estate bubble.
Overall this is an interesting and comprehensive book that's worth reading for anyone who thinks that U.S. economy is doing well, but it's not scientific or reliable enough to be of real value for an investor.
I recommend "Dollar Crisis" as a complementary treatment of the U.S trade deficit / credit bubble problem.
A chilling but accurate expose of how we came to be in such economic peril as a capitalist nation.......2007-06-10
In writing "America's Financial Apocalypse: How To Profit From The Next Great Depression", the author draws upon his many years of experience and expertise as a business, financial, and investment consultant for two of Wall Street's largest investment firms and elsewhere in private financial markets. Strathis provides an impressively analytical explanation as to how the liberals on the left and the conservatives on the right are working in differing ways to destroy America's fiscal and economic well-being; how the federal government in Washington is dominated by corporations; how China has taken total advantage of America's trading policies to our nation's detriment. Readers will be shocked to learn how America is legally bankrupt; how today the 'American Dream' cannot be achieved by most American citizens; the truth concerning the future of Social Security; the inevitable and looming consequences of the present pension plan crisis; and why most Americans working today will not be able to retire as their parent were able to in the past. "America's Financial Apocalypse" also addresses just how the American government manipulates economic data; how the Bush administration is responsible for the worst economic recovery in American financial history; how the real estate bubble could cause the stock and bond markets to collapse; how America's political and economic fate is in the hands of foreign countries; why the American government is really allied to the Saudi Arabians despite the established identities of the 9/11 attack; the looming global oil crisis; Alan Greenspans dismal performance as a Fed Chairman; the plummeting value of the dollar in the international currency markets; and the continuing rise in value of precious metals and oil. After laying out all of these 'inconvenient truths' about America's economic future, Strathis also lays out how the wise and savvy investor can still profit from an inevitable depression that will collapse America's economy in the very near future. A chilling but accurate expose of how we came to be in such economic peril as a capitalist nation, "America's Financial Apocalypse" is especially recommended reading for its clear and methodical explanation of just how the individual investor can survive what will prove to be the 'Next Great Depression'.
This Book Has NO Comparable!.......2007-04-05
Finally, an insightful, detailed, and massive compilation of America's economy and investment markets. This book is HIGHY recommended.
The reviewer below is actually wrong in his simplistic assumption that deflation is the exact opposite of inflation. While deflation tends to cause a relative increase in buying power, this effect is only when deflation is modest and in the early stages. During a more prolonged period, deflation creates a decline in GDP and therefore purchasing power due to the relative effects on currency exchange rates.
I find it amazing that a person could give such a bad review over one statement that he thinks is wrong (when in fact it is not) despite all of the massive data and extensive coverage of material. If a reader chooses to cherry pick from within a massive resource such as this book, they will miss the forest from the trees.
Hold on there...........2007-04-05
After spending $55+ for this book, I started to leaf through it and promptly came across the following comment: "...rising gold prices usually result from a deflationary economy not an inflationary one, as investors seek to minimize the loss in buying power of their currency." So far as I know, a deflationary environment INCREASES the buying power of one's currency, as prices generally decrease during a deflationary episode. In other words, one can buy more loaves of bread per dollar in the bank. Gold is generally a hedge against inflation or fiat currency collapse, not deflation. Given what seems to me a basic error of this nature, I will be skeptical of other information in the book.
Book Description
From The New York Times bestselling author of Rise of the Vulcans, an exploration of Chinese authoritarianism and Western capitalism
In The China Fantasy, bestselling author James Mann examines the evolution of American policy toward China and asks, Does it make sense? What are our ideas and hidden assumptions about China? In this vigorous look at China's political evolution and its future, Mann explores two scenarios popular among the policy elite. The Soothing Scenario contends that the successful spread of capitalism will gradually bring about a development of democratic institutions, free elections, independent judiciary, and a progressive human rights policy. In the Upheaval Scenario, the contradictions in Chinese society between rich and poor, between cities and the countryside, and between the openness of the economy and the unyielding Leninist system will eventually lead to a revolution, chaos, or collapse.
Against this backdrop, Mann poses a third scenario and asks, What will happen if Chinese capitalism continues to evolve and expand but the government fails to liberalize? What then and why should this third scenario matter to Americans? Mann explores this alternate possibility and—in this must-read book for anyone interested in international politics—offers a startling vision of our future with China that will have a profound impact for decades to come.
Customer Reviews:
stretched out magazine article, but some excellent information.......2007-09-04
I have read over a dozen books on China recently, and Mann goes into detail on one important aspect that no one else mentions: how our own government officials are being bought out and corrupted by China. He names names and dollar figures on the many American political leaders who have left office and gone directly onto the payroll of China as 'consultants' paid to use their US govt contacts to made introductions. No wonder our government is unwilling to take action re China's hold on our Treasury Bills and economy as a strategic threat or do something about all their predatory economic practices. For example, their economic miracle is based on undercutting the prices of their competition - but China has falsely set their currency exchange rate below actual market values. We complain and do nothing. Why? Could it be because every China expert in the State department retires and becomes a consultant in the pay of China? Some famous names who now work for China as 'consultants' - Kissinger, Madeleine Albright, Clinton's national security advisor Sandy Berger, William Cohen (Clinton's defense secretary), Republican Carla Hills (the US Trade Rep), REpublican Brent Snowcroft (national security advisor to Bush senior).
Other than this very interesting insight, I found Mann is a lazy researcher and this books largely reads like a padded magazine article. He tends to make assertions without going into the facts in enough detail to make them persuasive -even when he is correct. For example, he mentions China's harmful role in international politics, but doesn't give the actual stories - that they are the suppliers of missile technology to Iran for example, and are aggressively pursuing oil stakes in the Middle East by arming every despotic regime that more responsible nations are shunning.
If the thesis of China becoming neither democractic nor falling apart interests you, there is a highly intelligent in-depth analysis called China's Trapped Transition. The Limits of Developmental Autocracy.
Good for Chinese to understand American policy.......2007-09-04
I like reading articles of James Mann at Los Angeles Times, and this book gives me more understanding of American policy towards China.
Recently, the mayor of Pasadena, California used almost exact words as James quoted in his book to respond to the criticism by the human rights groups for his invitation of Beijing "Olympic float" in Rose Parade 2008.
I wish that Mr. Mann could have also commented on a new wave of movement in China of denouncing Chinese communist party which was trigured by an article in Epoch Times, "Nine Commentaries on Communist Party".
This book is high recommended.
serious food for thought.......2007-08-25
Mann's worry of an enduring repressive Chinese Communist Party leadership is well supported by his arguments and analysis. It is a must read for anybody with serious long-term interest in China.
My quibble is Mann's simplistic usage of the term democracy. I wish James had dived deeper into what he exactly means by "a democratic China". Even if China were embracing democracy today, it is a *tremendous* challenge to implement a democracy at China's scale and under the current somewhat fervent social conditions.
Concise Analysis of China's Future Direction.......2007-08-05
Author James Mann served as Bureau Chief for the LA Times in Beijing, China from 1984-87. With the China Olympics coming, this book is a timely, concise (112 pages), anlaysis of why we should beware the myth that commerce will eventually lead to political change and democracy in China from one who has lived there. Mann (The Rise of the Vulcans) has hit another homerun!
An extremely rationalized opinion without substance.......2007-06-23
This book begins by stating:
"This is not a book about China itself. It is about the China I have encountered outside of China."
And it delivers just that: after rationalizing "the views of China that prevail in Washington and the other leading capitals of Europe and Asia and in corporate headquarters around the globe" in just 144 pages, we are told that the single most important thing that Western decision-makers should do is push for democracy in China.
Indeed, you get the impression that the author cannot bear for China not to have an American-style democracy for a single day.
Is there anything new in his message? Absolutely not because every American knows that democracy is the most wonderful ideal for mankind.
But should we abandon other forms of engagement with China and simply tell the Chinese leadership, every time we meet them, that they should implement democracy immediately? Absolutely not because it is simply a recipe for disaster not only for the Chinese themselves but also for the world.
Read Roger Osborne's book Civilization: A New History of the Western World, you will understand why "the fundamental western belief that there are rational ways of organising the world which will bring benefit to all has been at the root of every human-made catastrophe that has overtaken us; yet many of us still believe that we have a bounden duty to bring our simplistic, universalizing, 'progressive' systems of government, economics, education, policing, judiciary and morals to every part of every society on the planet. The uncomfortable truth we need to face is that this belief is as dangerous to humanity as military conquest."
So, The China Fantasy is a cheap book offering a cheap message.
To begin to develop a sense of how we might move forward together with China, I recommend Will Hutton's The Writing on the Wall, which will give you a lot of useful background knowledge on both China and America. But above all, it demonstrates why a bilateral approach is so crucial to our policies toward China.
Book Description
C. Fred Bergsten, Bates Gill, Nicholas R. Lardy and Derek Mitchell are the principal authors of this investigative analysis, full of new information and perspectives on China, the result of a year-long task force jointly sponsored by CSIS and IIE, to which distinguished China experts have contributed. It is accessible, narrative-driven, filled with facts, but written for the general reader. The expert judgments presented in China: The Balance Sheet will inform policymakers in Washington, scholars and the business community for years to come.
Customer Reviews:
Little, No Credibility!.......2007-01-11
Pg. 4: "China's average wage is one-thirtieth of the U.S. and its average productivity level is equally lower (and wages, in any event account for only 20% of the cost of producing textiles and 5% of the cost of producing semiconductors)." If so, manufacturers that offshore in China would be stupid; alternatively, "China: The Balance Sheet" has a serious credibility problem. I go with the latter.
Nonetheless, this is still some value to the book for its statistics. For example, the authors believe China's foreign exchange reserves reached $1 trillion in '06, far more than any other country's, and probably more than enough to make serious improvement in its pollution and poverty problems. By 2050, China's economy is projected to be the world's largest; foreign investment only accounts for 5% of its capital growth - the Chinese savings rate of about 33% is more than enough to handle China's growth with money left over.
As for social services, "The Balance Sheet" asserts a mid-90's adult literacy rate of about 80% (vs. 50% in India) and graduates 800,000 scientists and engineers/year, while spending only 2.8% of GDP on education. Healthcare accounts for about 6% - far less than the U.S.' 16%.
Only 16% of China's land is arable, and most of its population lives on it. China's leaders are pressured to improve employment to absorb those leaving rural China, as well as those 40% released from state-jobs (including 80% from state-owned manufacturers).
Bergsten et al are most concerned about the possibility of conflict between the U.S. and China re Taiwan, and they point out that China uses its political (U.N. Security Council membership) and economic muscle to "encourage" others to support it re Taiwan.
China Background.......2006-12-19
I haven't read this book but have read several others by Nick Lardy and studied with him at Yale. I disagee with several reviewers who characterize Nick and his colleagues as ignorant about China and are simply imposing a western view. Nick was studying China and the economy (in Chinese) long before it was a popular subject and is intimately familiar with the country's economy. In a country where data is often obscured by politics, he has done an excellent job of piecing together disparate facts to achieve a coherent whole. He may be skeptical, but he's often correct.
A book for politicians!.......2006-11-05
I find this book extremely dull because it is mainly made up of statements. But then I realise that, written by government think tanks, this book is for politicians.
If you are a general reader and want to understand how China is affecting the world, I recommend China Shakes the World or China Inc. And if are interested in the recent history of China (pre-1978), read Wild Swans.
If you are a business person and want to understand how to do business in China, I recommend The China Executive by Dr Wei Wang.
Another American type of arrogance.......2006-10-27
I can't agree with . Shih "M.Smith"'s review even more. I just can't stand the arrogance tone shown in this book. I got a feeling that the authors simply don't like the progress in China. It seems like the authors are simply trying to minimizing the progress China made and relishing the problems China has.
I seriously doubt the authors ever read any Chinese sources or talk to any Chinese scholar. The authors seem to imply that if the Chinese to follow the American way, then they will never succeed. True, China has a tons of problems. But the Chinese leaders and Chinese people are trying their best to solve them. What annoys me is that some of these authors seem to relish over the fact that China has so many problems
You won't get that much new info about China in this book. Yea, China has tons of problems. Who doesn't know. The authors are trying to answer the most complex questions of China with simplistic answers.
Typical American bias.......2006-10-26
Well, what can I say about this book? With a due respect to the authors, it's the same usual American bias toward developing countries. As an American living and working in China for the past 2 years:
1)It's hard for Americans/Westerners to understand how business is done in China? Well, my answer it's because China is NOT in the West and Chinese people are not westerners. Try learning the language first, be respectful, and don't be so obnoxious.
2)This is the same background noise that I hear from overeducated ideologues: If a country is not like the US, then it must be wrong. I guess the Chinese should have a 4th world healthcare system like the US?
3)I personally feel that some authors wish China to stay poor so Madonna can have a concert there and pretend that the rich countries care. Well, maybe Africa, but not China.
4)Just because you watch CNN, FOX, and NBC, it does not make you an expert.
5)Just because you went to an Ivy League school, it does not make you a genius about other countries and cultures. As matter of fact, it does not make you a genius (period)
6)US should comment less on China and worry about the pointless war in Iraq, the death of our soldiers for a pointless cause, broken US healthcare, outsourcing of the American jobs, broken borders, broken education system, children killing each other at schools...and the list goes on.
7)China has many societal problems; please tell me something I don't know. China is working on it, it takes time, and they are not magicians.
8)If China is so awful please don't do business there nor go visit there. For the fact that there are SO many foreign investments there, makes all business executives and companies from the West idiots.
Book Description
Mr. China tells the rollicking story of a young man who goes to China with the misguided notion that he will help bring the Chinese into the modern world, only to be schooled by the most resourceful and creative operators he would ever meet. Part memoir, part parable, Mr. China is one man's coming-of-age story where he learns to respect and admire the nation he sought to conquer.
Customer Reviews:
Never Mind the Business, Here's Chinese Culture.......2007-10-23
Although he certainly never intended it as such (MR.CHINA is subtitled "A Memoir" and has a target audience of gung ho, wanna-get-rich-investing-in-China business types) this is probably the most accurate and the most devastating portrayal of authentic Chinese culture since Bo Yang's THE UGLY CHINAMAN. For those looking at becoming better aquainted with Chinese business culure, or more precisely: Chinese business ethics, here's a free starter lesson:
There aren't any.
Foreigners shouldn't take this personally. The Chinese have been cheating each other as a matter of course for centuries. What's more, they have been so poor and so oppressed for so long that they will go to nearly any extent in order to make their bundle and head for the hills. In Taipei, Taiwan, in which I live and in which there is a free press, there are an immoderate number of newspaper articles that mirror the anecdotes conveyed by Tim Clissord in what is a very enthralling book. Scheming, swindling, duplicity, and general dishonesty are deeply, deeply ingrained aspects of the national psyche in China. And so, when some hopelessly niave Westerner waltzes into town with a suitcase full of cash and a bunch lofty ideas concerning efficiency and profit sharing, then, well, if the stars didn't just align.
"Nonsense," cries the next Mr. China (a sentiment echoed in some of these reviews) "I'm a trained lawyer." Fine, but you'll have to bribe the anti-corruption officials just to open up dialogue. "If I got suspicious of my Chinese partner, I'd have funds frozen." Great, if the bank manager (who might very well be your partner's cousin) hasn't emptied the vaults and flown to Hawaii. "My factory in Guangzhou is humming along just fine." For now, but are you sure the land title hasn't been transferred, or the managers haven't used your money to build an identical plant across town? "My business partner is a man of integrity." Read the book.
There's a hitch to getting rich in China. Each and every one of the people you will have to deal with has the exact same idea.
Troy Parfitt, author of ...
Notes from the Other China - Adventures in Asia
Mr. China explains a lot.......2007-08-31
Having just returned from a 3-week trip to China, reading Mr. China helped explain a lot about what I had seen. Now that I read all the problems with Chinese produced products, Mr. China explains even more about the mindset of both Chinese and westerners. We Americans seem to think everyone should think and function as we do. Mr. China illustrates how wrong that is.
A Compelling Read .......2007-01-30
I found this book a terrific glimpse of one man's experience investing in China. Tim Clissold spent several years traversing mainland China trying to get in on the ground floor with the entrepenuers driving China's economic boom. Along the way he encounters a fascinating cast of characters who are markedly different from those we are familiar with in the U.S. A real page-turner for anyone wanting a glimpse into what doing business in China is like.
Chronicles of the Vietnam War of American business.......2007-01-04
The book is a moving firsthand account of a foreign investor set out to invest in mainland China during the 1990s, when China first started opening up its markets. Apparently the author Tim Clissold worked for Arthur Andersen Hong Kong, alongside an ex-Wall Street M&A professional identified only as Pat in the book, to invest in China roughly $400 million of private equity funds in the form of joint ventures.
To fast-forward to the end of the memoir, 10 years after the author's team made investments in China, no one does joint ventures anymore. With the wrecks of failed joint ventures littered across China, Pat describes China as "the Vietnam War of American business." The author claims that, "all but the most innocent of newcomers had concluded that joint ventures were just too hard to be worth it."
Speaking of hardship, the book in its essence is really a telling of the hardships the author encountered in fighting to salvage three particular joint ventures. In those three "war stories" the Chinese partners invariably cheat by siphoning out money to build factories for direct competition to the joint ventures. The tactics the partners employ are intrinsically Chinese, and ironically through these battles Clissold gains deep insight into Chinese culture.
What is amazing about the author is the fact that he always manages to transcend the fights no matter how bitter they were fought. During the fights he holds his worthy opponents in reverence, as ancient Chinese generals must have done; after the battles he makes friends with them whenever possible.
In the end Clissold conjectures that the Chinese will always remain Chinese regardless the pressure to conform to international conventions. In his own words: "I had been forced to dismantle entirely my assumptions about China and relearn all the basics, but many investors still appeared supremely confident that China would eventually view the world their way, that it would eventually 'see reason' and begin to conform to the familiar business school model. But as China continues to press ahead with opening up to the world at a speed that can be astounding, my hunch is that it will always retain an intense sense of its own place in world history. It remains more complex, more aware of its unique 'Chineseness' and in tune with its own past, and mush less conformist than can be imagined by visitors like Charlene Barshevsky, the US trade representative who described the World Telecoms Agreement as 'a triumph for the American way.' We'll see."
The memoir is touted as a business book. Personally I think there is more to take from it when viewed as a cultural voyage to a country during treacherous times.
Captivating business tales from the 1990s.......2006-12-14
A colleague of mine at work recommended this book to me, right after I had finished another book on China, James Kynge's "China Shakes the World", which I really liked.
"Mr. China" (286 pages) brings the perspective of a young Brit who clearly has a passion for China (and Manadarin), goes to study there in the late 80s (with some funny stories about life in the Chinese university dorms), and then returns a few years later to work for a US investment fund looking for joint venture opportunities. Ultimatey, about $400 million is invested in various manufacturing companies throughout China. A lot of things go wrong, although some good successes are scored too. Throughout this process, the author gives great insight on what it's like to be there, taking on problems "in the trenches", and how to better appreciate and understand China and its people.
The book feels a little dated in a way not only because the events decribed take place up through the late 1990s, but perhaps even more so because, as the author readily admits in the last chapter, the joint venture business model is no longer viewed as the best one (many companies these days go about it on their own, without a Chinese partner). That aside, this is a very worthwhile book that certainly achieved its intended goal for me, as the autor notes in the concluding paragraph: "If by writing this book I can make the Chinese people seem more human, less mysterious or threatening, just flawed and beautiful like us, then the troubles of the past ten years will all have been worthwhile". Highly recommended!
Book Description
Since 1979, China has attracted over US$500 billion foreign direct investment. Yet making an investment in China is not only the biggest business phenomenon, but also the most challenging business task in the world. In this landmark book, Dr Wei Wang, a leading expert on China investment with extensive managerial work and international experience, and intimate knowledge of both Western and Chinese cultures and histories, tackles this phenomenal challenge right at its heart. He shows that the key reason for the many failed or under-performed China ventures is that foreign investors have been conducting a "love affair" with China, with a deep understanding of China giving way to the attraction of a market of 1.2 billion people. To succeed, foreign investors should aim to live a "family life" with China, emphasising building a long-term relationship and a capacity to weather the ups and downs in the relationship.
By examining Sino-Western joint ventures, the most complex and challenging of all business arrangements that are in a sense an engagement of 2,500 years of almost oppositely developed Western and Chinese civilisations, The China Executive provides an inside-out, human-centred perspective on what it takes to achieve business success in China: from stepping into the networked society, reading the dynamics of the China market, approaching and selecting a partner, and negotiating with a potential partner, through to bridging communication gaps, training local staff, leading the Chinese, and balancing managing and leading. Packed with anecdotes, pictures, and above all, wisdom, the book is easily accessible and highly practical.
Using China as a reference point, The China Executive also illuminates the limitations of the Western view of business, and offers existing and potential executives worldwide the definitive guide to developing a global view of business in the 21st century, including the integration of results and relationships, of analysis and intuition, and of competition and co-operation. The book concludes that the secret of global business success lies in taking a higher worldview by combining a Western things-oriented, divided worldview with a Chinese human-centred, integrated worldview, and mastering global business by combining modern Western management excellence with ancient Chinese leadership wisdom.
Customer Reviews:
A pioneering book of real value and wide appeal.......2007-10-13
I met Wei Wang at the Sixth Annual China Conference, held at the Port of Los Angeles on September 12-13. The conference (thechinaconference dot com), presented by Seattle-based, eighty-five-year-old Cargo Business News, not only provided each attendee with an autographed copy of Wang's book The China Executive but also had him give the closing keynote speech to several hundreds of executives from the global logistics industry. His speech, entitled China and the Human Side of Business and supported by a series of compelling slides, was the highlight of the entire conference.
After the conference, I managed to read the book. And I must say that it is a pioneering book of real value and wide appeal!
Indeed, China's rise is transforming global politics, the global economy, and societies worldwide. So, everybody will arguably need to develop responses to meet the China challenge.
But first and foremost, business people worldwide - in particular Western business people due to our long-held superiority in the areas of technology and management - have to understand China if we want to achieve sustained business success in the age of globalisation, in which China is in the driving seat.
Wang's book contains everything you will need to know about China - above all what it means for business in a practical sense. Of course, the book's most original contribution is to connect Chinese civilisation with Western civilisation, thereby demonstrating the vital importance of combining intuition with analysis, leadership with management, relationships with results, and ultimately Chinese human-centered, integrated worldview with Western things-oriented, divided worldview.
I strongly recommend The China Executive because it has the potential to change how we see the world. And once we can see the world from a truly global perspective, every difficulty we experience in our endeavour to do business with China becomes an opportunity.
Initial impression.......2007-08-27
For perspective - I am part of a team investigating China and made my first trip to China 6 months ago. This book is well written and gives a good quick overview - it is weak on details, however my limited experience in China shows a very dynamic situation with each company different. Flexibility is key - this book will give an excellent foundation to be better prepared as business situations are approached. Each team member has purchased a copy of this book and it is frequently referenced as we work to clarify and grow our understanding in China
A wonderful book on China business!.......2007-08-10
Business with China takes many forms. Whether you are considering import/export, technology transfer, licensing, joint venture or wholly-foreign owned investment, this book will guide you to success.
Of course, this book is not just about these business arrangements; it is about the essence of them. As this book shows, any business arrangement not only is an abstract idea about the future but also has people at its heart.
All too often, Western business people (and professors) only see the idea side of business, with the people side largely ignored.
In our homeland, this may not cause too big a problem (although bringing the best out of every individual is becoming more and more important). But in a non-Western environment where people have different ways of thinking and want different things from life, mastering the hearts of people is really the key to business success.
This is, in my view, where most books on China business have got muddled up, and why I say The China Executive is "A wonderful book on China business!"
The most practical business book on China.......2007-06-22
I was assigned this book for my MBA - Global Management class, so I read it thoroughly.
I loved it, by far the most practical business book on China (there are now many that have been published on the subject)!
First, it has helped me place all those Western business concepts and techniques in the China context, which is central to global management.
Second, because this book tackles China right at its heart (which requires a thorough understanding of both Western and Chinese civilizations, instead of a long tradition of Western theorists only too willing to see their own prejudices confirmed by what they imagine to be the Chinese experience), I feel that all the other books on China I have read are but footnotes to this book.
Recommendation: to understand China, start with this book.
The next business classic!.......2006-12-12
Jack Welch, "manager of the century" according to Fortune, wrote in his latest global best-seller Winning:
"At speaking engagements, I am often asked what industries I would recommend to college grads and MBAs today. I tell them to look into companies doing business at the intersection of biology and information technology. And I suggest they learn everything they can about China because it will permeate every aspect of business in their lifetimes."
Yet, although thousands of business books are published in any year, most of them are written by "get-rich-quick tipsters, motivational preachers and one-minute-solution merchants", as the FT's Michael Skapinker has described them. In fact, the situation is so bad that the Financial Times and Goldman Sachs decided in 2005 to establish an annual award for the world's best business book.
I vote The China Executive for this year's award.
To be sure, there are an increasing number of books published on China business, including the highly publicised The China Dream, Inside Chinese Business, Doing Business in China, The Chinese Century, Mr China, The Chinese Tao of Business, One Billion Customers and, most recently, China Shakes the World. But while these books enhance our understanding of China business, they at the same time add much confusion because they are either not grounded in the authors' direct experience of doing business in China or do not link the China business reality with the well-developed Western business and management theories. For example, if it is so hopeless to invest in China as The China Dream depicts, why are most Western investors not leaving China? True, the China business reality can be as tough as Mr China presents, but surely the question is: how to rise to the China challenge? And if virtually everything you hear about China is true, so is the opposite (John Frankenstein, University of Hong Kong), how do we find their limits?
In The China Executive, you will find answers to these and many other crucial questions. I have particularly appreciated the fact that the book has exploded many fashionable myths about doing business with China, such as the collectivism of the Chinese and their negotiating advantage in dealings with Western business people, which have been created because many so-called "China hands" have really been a prisoner of their own culture - whether in a professional or philosophical sense.
As the author observes, "China cannot thoroughly be understood from either a Western or a Chinese viewpoint. To grasp its nature requires an orbital, historical view of both the West and China." There is no doubt that the author has successfully uncovered the nature of China and has demonstrated its profound implications for business.
Given also China's growing part in global business and as the world's Leadership Guru Professor Warren Bennis endorses, I cannot see any reason why any existing and future business executives will not find this book valuable.
Indeed, we may simply conclude that China has advanced over the past two-and-a-half decades as a result of its learning from the West. Isn't it time for us Westerners to ask: what can we learn from China so that we can succeed in the 21st century?
I recommend The China Executive, because you will find the answer to the above question in the book. In fact, you may find that The China Executive is your business bible in the age of globalisation because it will stimulate you to develop a global mindset, which is the start of a successful global business journey. And a global mindset is "an elevated, enlarged mindset that seeks to combine the strengths of the Western mindset and those of the Eastern mindset."
I have read many business and management books during my MBA study. I find The China Executive, which is full of original and stimulating ideas and above all wisdom, extremely valuable in helping me link what I have learnt in the classroom with what I am experiencing on the China ground.
For all this, I thank the author!
Book Description
In The China Dream, acclaimed business journalist Joe Studwell takes to task the predictions that China will become an economic juggernaut on the world stage in the twenty-first century -- and instead foresees an economic crisis. He argues that since the days of Marco Polo, Western nations have seen the vast population of the Middle Kingdom as a fantastic opportunity for expanding trade, investing time and resources again and again in the hope to develop it, only to see, century after century, its economy crash and their dreams turn to dust. Studwell traces the most recent developments in China from Deng Xiaoping's "liberalization" of its market in the 1980s through the opening of its economy to foreign investment in the 1990s. In his rigorous analysis of the Chinese economy, government, and culture, Studwell also shows the roadblocks to the continuation of the country's unprecedented expansion and why its economy will fail once more -- but this time, harder than ever before, and with potentially catastrophic results. Provocative, flawlessly researched, and endlessly engaging, The China Dream is a book that will have the business and political worlds talking about what's really going on in China -- and what we can do to prepare for the coming crisis. "The much-needed antidote to the delusions ... about the riches to be made from investing and selling in China. Brimming with ... statistics." -- The Washington Post " An entertaining, if cautionary, tale of Western business woes in China, stretching back seven hundred years." -- Peter Wonacott, The Wall Street Journal "[A] detailed account ... An excellent examination of the political and economic history of China, fascinating and mostly unknown to Westerners." -- Booklist (starred review)
Customer Reviews:
Very good Read.......2006-09-01
This book is a must for those traveling to China. Gives a detailed look at the history of the Chinese market. Is a great precursor to visiting ex-patriots
On the mark.......2005-11-19
As someone who has been in China for eight years I found Joe Studwell's book a breath of fresh air among the constant hype about this market. Some reviewers have challenged his account but I would strongly agree with his premise that while it is easy to be busy in China it is hard to make money. As Studwell points out, few foreign CEO's are able to pick up on this difference.
Some previous reviewers have claimed that Studwell has been proved wrong over the past two years since release of the book as the economy has continued to grow and one reviewer mentions GM as an example of how companies have exceeded their projected growth and revenue targets. Studwell's message was not an attack on the economy necessarily but an attack on the perception that there is easy money to be made in this boom. I would have to agree with his attack on those outside China, or with little knowledge of it, who fail to carry out basic due diligence.
Studwell's point is not based on confirming "the impending collapse of China" rather a recognition that despite the appearance of a first world economy this is still a developing market, with highly protectionist ideals, that requires business managers to apply realism and analysis to succeed. Don't leave your common sense and good business practice on the plane.
The move by Volkswagen in 2005 to cut back on investment and separate research showing that car production will be 5 times over capacity by 2015 seem to substantiate his message that yes there are winners but these are often short term!
Demystifying Joe Studwell........2004-12-11
Can it really only be two years since Mr. Studwell wrote this oft-quoted book? Only two years since he bravely confronted and slayed the "myth" of a profitable domestic Chinese market?
Two years ago, we were told about a "long period of slow growth and stagnation" for the domestic Chinese economy. This experienced China-hand, claiming 8 years of personal experience and a wealth of economic insight, assured us that there would only be a few isolated cases of economic success. He mocked GM for its economic investment, and lumped them into the group of so many other misguided CEOs that falsely believed the Chinese could afford to buy anything the West had to sell!
As a previous reviewer pointed out with great self-satisfaction... GM would have to wait until 2025 to meet their target of one million in annual sales! That prediction certainly seems comical when we realize that GM will reach 600k in annual sales this year: 2004. GM, with its over-optimistic and poorly planned investment in China, made an eye-popping profit of $875 million with its Chinese partners from China in the year 2003. That's actually *more* than what GM earned in North America ($811 million for Canada, Mexico, and the US combined). We can only hope Joe Studwell will be contributing a sequel shortly explaining the lack of a consumer market in North America, as well.
Ah, how things have changed. Mr. Studwell wrote for the Financial Times this month (December 2004), and while his melody remains the same, he has certainly changed keys. We're now told that, "while" the Chinese economy is "certainly doing well" (surprising understatement from a man that wasn't shy with rhetorical bombasity a few years ago)... it's not doing *that* well.
How so? Well, it seems, the Chinese domestic market will "only" be returning $8 billion in profits to foreign investors this year... a pathetic sum that's "only" comparable to the returns found in... South Korea and Taiwan? For a man that didn't think much of China's economic prospects 2 years ago, he sure has placed it in hallowed grounds this time around.
Two years ago, Mr. Studwell had a 50/50 shot of getting it right with this book. He found anecdotes and statistics supporting his conclusions at the time, but he conveniently ignored the comparable evidence that just as surely contradicted his point. In a world of conflicting facts when informed experts were unsure about China's future prospects, he decided to trumpet his own truth to the world.
Well, he's been caught with his pants down: he was as wrong as you can possibly be.
Bull in a China shop.......2004-07-28
China, the fastest growing economy in recent years is in deep trouble according to this book. Starting with a historical perspective, the author goes on to explain that it has never been easy to make money in a market that otherwise appears so attractive due to its sheer size in terms of its population. Multinationals have made over optimistic estimates of the potential market size for various goods and services and sunk billions of dollars either in the hope of making a quick profit or with a view to stay invested before rivals can enter. In most cases, returns have proved elusive.
China is a land shrouded in mystery and secrecy but yet continues to entice entrepreneurs from around the globe. The mad rush to grab the proverbial pots of gold turns into a frenzy in the early 1990s. China becomes the main destination for the global leaders and captains of multinational companies. Having brought in their money, these investors soon find themselves trapped in a situation of no return. Those with deep pockets manage to survive while many others are not so fortunate. The asset inflation boom - stocks and real estate- also has its fair share of victims. Another area discussed in detail is the weakness of Chinese financial institutions and the proportion of non performing assets that account for nearly half of their lending particularly to state owned enterprises. While exports is a success story appreciated across the world, here again the author is quick to point out the low value addition and low share in global trade.
Page after page, the author misses no opportunity to criticise the Chinese bureaucracy, political system the authoritarian rule of the party depicting china as a land that is on the verge of a great economic meltdown where global corporations will have no escape route to retreat.
It is important to note that global companies have gone to do business in China and it is their love for money and not charity has been the motive. It is said that greed, optimism and herd mentality are the three drivers of capitalism . Need a better example ? Large multinationals, mostly from developed countries boast of employing the best talent from leading business schools who are experts in market research and financial accounting. When things go wrong, why blame it on China?. There is no evidence in the book that suggests that China has misused money from international institutions or indulged in unfair practices to swindle FDIs. Assuming that China overstated her domestic income and growth figures, the two main parameters that have attracted the foreign capital, it cannot be an excuse for not doing enough home work to verify these figures before investing huge amounts.
The book appears to be biased and incomplete in not giving due credit to the rapid progress and achievements of the world's most populous nation.
China's roaring nineties - the best assessment in print.......2003-10-31
Joe Studwell, a British freelance journalist who lived in and reported from China from 1991 until 1999, has written one of the best-informed insiders' books about the Chinese economy in the boom years of the 1990s that is on the market. The book is excellently researched, well documented (60 pages of notes accompany 300 pages of text) and profits from a wealth of experience gathered "on the ground."
The main thesis of the book is that many big Western companies substitute a blurry, optimistic picture of a vast potential market for a balanced view based on hard data. When it comes to China, wishful thinking replaces critical distance and realistic assessment.
One thing that "The China Dream" explains very clearly is the extent to which two economies in China exist parallel to each other. One is the old socialist economy that is protected from change and the market forces. The other is a vibrant, export -oriented economy of manufacturing plants that assemble goods under the management of mostly Taiwanese and Hong Kong companies. The latter is the poster child for China, but the former continues to gobble up the people's savings to churn out the products that the planners want to see. Stripped of the success story of the export-oriented manufacturing companies, China's economy looks like a disaster waiting to happen.
Studwell is not a China-basher. He admires the stamina and determination of the small entrepreneurs in China who manage to hold their ground against a rapacious bureaucracy, the lack of credit from state-owned banks and the dumping strategies of pampered state-owned enterprises.
Earlier reviewers have criticized "The China Dream" as biased and uninformed (no CEO interviews). Having worked in China for three years, my impression is that Joe Studwell has a very solid grasp of the economic and political realities in the People's Republic of China, and that there is no point in listening to the rosy projections of CEOs and foreign luminaries who were "toured about in government limousines and fed an endless diet of spurious statistics"(255).
In a nutshell: This book is absolutely recommended reading for anyone who wishes to work in China or just wants to know what to make of all the praise lavished on a socialist developing country.
Book Description
This book about China's integration into the world economy proposes a radically different perspective. Most economists view China's large foreign direct investment (FDI) inflows as the result of China's economic success. This study views the same phenomenon as a function of the imperfections in the Chinese economic system. It uses economic theory to explain FDI to a greater extent than previous studies on the same topic. It also presents comparative FDI data of additional countries, making it more comprehensive than previous studies which focused only on China.
Download Description
This book about China's integration into the world economy proposes a radically different perspective. Most economists view China's large foreign direct investment (FDI) inflows as the result of China's economic success. This study views the same phenomenon as a function of the imperfections in the Chinese economic system. It uses economic theory to explain FDI to a greater extent than previous studies on the same topic. It also presents comparative FDI data of additional countries, making it more comprehensive than previous studies which focused only on China.
Customer Reviews:
It's not just another view ..........2004-02-06
I find Prof Huang's "Selling China" much more than just an academic achievement which it is -- with its disciplined arguments supported by a wealth of well-researched facts.
After 18 years of working on the Greater China scene -- most of it foreign investment related, for me, the greatest value of the book is its main theme -- that the large inflow of FDI over the years reflects weaknesses rather than strengths of the Chinese system. It is not just another point of view in the already overcrowded gallery of China commentary. For me, the well-argued and well-researched "unconventional" view answers some of the key China investment related questions at a very practical level, and should have important implications for government policy making and corporate decision making alike.
the year's best book on china.......2004-02-06
I have seen a number of rave reviews for this book in various economic journals and now I have read the book myself. This is a must read for those who wishes to gain a deep understanding of China's fast-evolving economic and business landscape. I also recommend it to readers who are interested in an unconventional and novel take on foreign direct investment
Book Description
If the twentieth century was the American century, then the twenty-first century belongs to China. Now the one and only Jim Rogers shows how any investor can get in on the ground floor of “the greatest economic boom since England’s Industrial Revolution.”
In this indispensable new book, one of the world’s most successful investors, Jim Rogers, brings his unerring investment acumen to bear on this huge and unruly land now being opened to the world and exploding in potential.
Rogers didn’t just wake up a Sinophile yesterday. He’s been tracking the Chinese economy since he first went to China in 1984 in preparation for his round-the-world motorcycle trip and then again, later, when he saw Shanghai’s newly reopened stock exchange (which looked like an OTB office). In the decades that followed–especially in recent years, with the easing of Communist party financial dictates–the facts speak for themselves:
• The Chinese economy’s growth rate has averaged 9 percent since the start of the 1980s.
• China’s savings rate is over 35 percent (in America, it’s 2 percent).
• 40 percent of China’s output goes to exports (so there’s no crippling foreign debt).
• $60 billion a year in direct foreign investment, combined with a trade surplus, has brought Beijing’s foreign currency reserves to over $1 trillion.
• China’s fixed assets–ports, bridges, and roads–double every two and a half years.
In short, if projections hold, China will surpass the United States as the world’s largest economy in as little as twenty years. But the time to act is now. In A Bull in China, you’ll learn what industries offer the newest and best opportunities, from power, energy, and agriculture to tourism, water, and infrastructure. In his trademark down-to-earth style, Rogers demystifies the state policies that are driving earnings and innovation, takes the intimidation factor out of the A-shares, B-shares, and ADRs of Chinese offerings, and encourages any reader to trust his or her own expertise (if you’re a car mechanic, check out their auto industry).
A Bull in China also features fascinating profiles of “Red Chip” companies, such as Yantu Changyu, China’s largest winemaker, which sells a “Healthy Liquor” line mixed with herbal medicines. Plus, if you want to export something to China yourself–or even buy land there–Rogers tells you the steps you need to take.
No other book–and no other author–can better help you benefit from the new Chinese revolution. Jim Rogers shows you how to make the “amazing energy, potential, and entrepreneurial spirit of a billion people” work for you.
Book Description
Profit from the record growth of one of the hottest markets in the world
China's economy keeps on revving at record-breaking speed—turning its factories and 1.3 billion people into bottomless pits of consumption.
For investors, this is nothing short of the opportunity of a lifetime. Those who are first to recognize the prime movers and building blocks of this enormous growth will surely take the lion's share of the profits. That's exactly why Investment U has created this special, time-sensitive report.
Investment U's Profit from China will show you precisely how and where to take advantage of the raging Chinese economy. It includes four investment recommendations so closely tied to this record growth that you'll want to add them to your portfolio immediately. But Investment U's Profit from China doesn't stop there: it will also introduce you to an exclusive "can't-miss" strategy for making sure that you get out of these investments with profits intact.
Investors may never again have a chance at a windfall like the one offered by the booming Chinese economy. But, with this report from Investment U as your guide, you'll learn exactly how to take advantage of such an opportunity.
Customer Reviews:
overpriced.......2007-02-07
I thought the booklet of 36 pages was certainly overpriced. The information was not mind blowing by any means. If you were to pick up a copy of Barron's at the library, you could cull this kind of information.
Average customer rating:
- Intelligence breathes thru the pages
- Poor read and not factual.
- Prevents joint venture mistakes
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Direct Investment and Joint Ventures in China: A Handbook for Corporate Negotiators
James E. Shapiro ,
Jack N. Behrman ,
William A. Fischer , and
Simon G. Powell
Manufacturer: Quorum Books
ProductGroup: Book
Binding: Hardcover
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ASIN: 0899306462 |
Book Description
Written primarily for business managers and government officials, this is a comprehensive and extremely timely handbook on how to successfully initiate and implement joint ventures and direct investments in China. The authors combine in one volume an appreciation of the nuances faced in the negotiation of U.S.-Chinese joint ventures, an examination of the investment environment in China and an assessment of its past traditions, present policies, and emerging problems. Case studies of a variety of actual joint ventures are especially valuable for readers involved in or planning to open negotiations in China. Several chapters assess the impacts of the events in Tianamen Square on foreign direct investment in the country. The book opens with two chapters which examine the reasons for China's open policy and the responses of foreign investors to the new policy. A group of chapters then explores the country's investment, cultural, and legal environments and their likely impacts on joint venture negotiations. Turning to an examination of Chinese markets and production capabilities, the authors assess consumption patterns, decision making, customer/supplier relations, local sourcing problems, transportation, the availability of skilled labor, management, and R&D. They go on to analyze the contributions of foreign direct investment, including the role of transnational corporations, and present a step-by-step guide to negotiating a joint venture in China and implementing the agreement reached. Finally, the authors look at prospects for development and modernization in China, particularly in terms of the trend towards recentralization following the Tianamen Square upheaval. In addition to business development managers, students in international business programs will find Direct Investment and Joint Ventures in China an indispensable resource.
Customer Reviews:
Intelligence breathes thru the pages.......2003-01-09
Shapiro obviously has had years of experience negotiating. He writes clearly and it would be a beneficial book for anyone, students or those already in the field, to read. If I were to teach a course on joint ventures, this would be the text of choice.
Poor read and not factual........1999-02-18
I spent many years living in China and found too many flaws with this book.
Prevents joint venture mistakes.......1997-03-02
Anyone considering negotiating any joint venture would benefit from the checklists and other considerations raised by Shapiro who actually negotiated the showcase Xerox-Shanghai joint venture
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