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The Power of Technology in the US and China: A Comparison

In: Comparative Economic Studies in Europe

Author

Listed:
  • Vittorio Valli

    (University of Turin)

Abstract

Technology is a key factor for economic development and economic power. This chapter tries to evaluate the sources and the impact of technological power and its changes in the US and China in the 2000–2018 years in a comparative way. The analysis of capital accumulation, education, R.&D. activities, learning by doing processes, industrialization and de-industrialization, structural change, and the different stages of the Fordist model of development, contributes to explain why at present the US is the top world technological power and why China has been rapidly catching up since the radical economic reforms started in 1978. The two giant economies have unevenly grown in capital formation, knowledge and exports and in key-sectors, such as ICT, motor vehicles, energy, renewables, etc. At present, in some niches or sub-sectors China has already exceeded, or will soon exceed, the US, given the larger demographic and industrial size and the still higher dynamism of the economy.

Suggested Citation

  • Vittorio Valli, 2021. "The Power of Technology in the US and China: A Comparison," Studies in Economic Transition, in: Wladimir Andreff (ed.), Comparative Economic Studies in Europe, edition 1, pages 321-354, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-030-48295-4_16
    DOI: 10.1007/978-3-030-48295-4_16
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