China has replaced the U.S. as the world's leading high-technology exporter.
For years, political pundits and neo-classical economist have counseled that China's rapid growth as a manufacturer was nothing to be alarmed about. The assumption was that China might make toys and underwear but the U.S. would remain strong on high tech products. Time to revise that assumption! The exact nature of China's growth and what it means for U.S. economic security is the subject of much debate and interpretation. However, this much is clear: if China is surpassing the U.S. as the leading exporter of high-end products, we need to ask where well-paying jobs for middle-class workers will come from in the future and whether dependence on overseas supplies of high technology could be just as perilous as dependence on overseas oil suppliers.