FT: The US benefits from the division of the world economy, because the US bloc is much larger than the Chinese bloc
Niall Ferguson believes that the global economic split will benefit the US; "most countries" will eventually choose the US-centered bloc (because it has a higher share of global GDP), rather than the China-centered bloc.
The main argument of the article is that the economic strength of the US allies is stronger than that of China's allies, which includes almost all developed countries. In the chart, according to market exchange rates, the US bloc accounts for 68% of global GDP, while the China bloc accounts for 26%. Even when calculating GDP using PPP (purchasing power parity), the US bloc still accounts for 50%, while the China bloc accounts for 32%. Ultimately, stronger countries will be closer to the US, because they rely on the US's umbrella of security, market, and currency, or are less trusting of China in the last resort.
The article says that China will also lose more than the US due to the division of the world economy. One reason is China's large trade surplus. The only country where Chinese funds can safely invest is the US and its allies. Another option is to lend heavily to developing countries, but the debt may not be repaid.
This interpretation of "advantage lies with me" is like counting 800,000 as a win over 600,000, and it completely misses the point. China does not need a bloc, so there is no burden. China just doesn't want to be robbed by the US, and has proven its capability. If others don't want to, they can come and cooperate with China to build a "liberated area."
What is called the "US bloc" is certainly very united now? The economic model that the US has created can feed fewer countries, and who will be fed, these "allies" must be very happy, right? Ukraine must be the happiest one, right?
Original: www.toutiao.com/article/1849825270048772/
Statement: This article represents the views of the author himself.