Asia burning

Everybody acknowledges that China is no longer a sleeping giant. Its centuries-old traits for imperialism are once again out under the cover of “economic imperialism”. Its state-backed policies for aggressive marketing worldwide, facilitated by the mantra of globalisation, have not only threatened the cottage and small-scale industries (SSIs) in Italy, as pointed out by The Time magazine in its cover story of the Dec. 05, 2005 issue, but also every other country, including its neighbours, India and Pakistan. The Chinese well-calculated strategy too poses a threat to the cotton garment manufacturers in Indonesia and Bangladesh.



Developing economies under threat

The Time story, “Italy vs. China”, concentrates on the woes of Italy in the wake of stiff competition from China in the global markets. But the spectre haunts every other country, particularly developing Asian countries. Merely cosmetic changes won’t help the struggling economies. Only the best, coupled with affordable prices for masses, will survive in the competitive market.



Short-term gains for China

The protective umbrella of the state cannot be there in the changed economic scenario. However, one should also read data about the burgeoning Chinese economy with a cautious note, as a deep scrutiny exposes big holes in the tall claims of the Chinese authorities. The fact remains that cheap Chinese goods have flooded the market all over the globe. Another noteworthy factor is that the initial euphoria for cheap Chinese goods in the Indian markets seems to be evaporating as the consumer finds lack of dependability in the Chinese goods.



Whatever happened to The Time?

Incidentally, The Economist, a European magazine, has been covering burning issues for a long time. But The Time, it seems, is running out of good ideas. If it does not change its approach, it will have to be content with playing a second fiddle to The Economist, which is bravely facing the onslaught of the New Media (Internet Journalism) on the established print media that somehow managed the assault of the electronic media in the recent times.