Six nations manufacture at least 3% of the world total.
China is followed by the US, Japan, Germany, India, and South Korea.
Note how the world has changed. Only three of these are long-established industrial economies; the other three are newly industrialised economies.
Four of the G7 don’t make the cut.
China has a lock on various electronic production streams by having a lock on most of the rare earth processing and dealing with the low level radioactive waste by products.
One billion tonnes of raw iron ore per year flows from my state of Western Australia to China for steel production - the machinery, diggers, haul paks, massive trains, et al make that happen in a state with a population of only ~2.3 million or so with few of those in mining. 16x peak US iron ore production for steel with a workforce smaller than the US's at it's peak.
China didn't just fall into peak manufacturing capacity by a happy accident of many workers, they (for better or worse) made long term plans and stuck at them - including the reduction in population growth known as the one child policy.
Current Chinese pharma production is a truly bespoke behemoth - it has a massive capacity that can easily make small to order amounts, and again that's due to factors such as education and well automated pipelines.
I don’t think China planned to intentionally fall off of a demographic cliff. But they are already planning for that cliff by making very aggressive investments in AI and automation. If you see how effective their plans from 10-20 years ago turned out today, wait another 10-20 years and…I hope we have some kind of a plan…it isn’t what Trump has in mind for sure.
Ironically, Japan planned for the same cliff with aggressive investments in AI and automation in the 1980s, but the rise of China messed that up with cheap labor, and their AI play was misguided/probably too early.
Too right.
> It's like the degenerate alcoholic who's willing to prostitute their mother for a bar tab.
Ahh, so you are Australian then.
> even if they are from their biggest regional rivals.
How is China a regional rival? Australia has koalas, China has Pandas.
> While Norway and the UAE enjoy the fruits of their resources through strong welfare systems enabled by a resource-driven economy
Australia also has welfare, high living standards, high life expectancy, good health, etc.
> Australia sold itself so hard its own citizens have to buy from foreign corpos.
Ahhh, so Norway and UAE have their own home built computers, TV's, and EV's, etc then?
You have some points, but you're trying to edge lord a bit hard there mate.
Tell me how affordable a home near the workplace is for most Australians? On the contrary, Norwegians and Emiratis get a huge housing subsidy for their first homes. They both use their oil revenues to push for sustainable energy sources at home. And the UAE is currently pulling over its weight in AI, funding a significant AI player, while also taking part in active space exploration.
> Ahhh, so Norway and UAE have their own home built computers, TV's, and EV's, etc then?
Building computers, EVs and TVs in this age when China controls the complete manufacturing chain is a bit stupid honestly. But they do have manufacturing bases on the things they actually excel at - Norway is a major player in manufacturing shipping and specialized O&G equipment, while the UAE has focused on aircraft parts manufacturing and defence manufacturing.
Australia itself doesn't have the demand for that much steel internally - China does (and exports its excess production).
Which is exactly what Australia could do if it made a bunch of steel.
With no small amount of it exported to Australia.
You literally let an Australian company process it to higher value products and ship it? That's literally what every oil major has done with their resources.
Not to mention PRC steel employs like 3m people, about the entire population of western australia where all the iron ore is. Unless AU dumped 1/5 of their entire workforce, relocate millions of workers and families, they can't make enough finished steel products to fill PRC appetite. I think much easier and profitable for AU to double down on ore extraction and ship more $$$ than finished steel. That's where AU competitive advantage is. Otherwise buyers will look elsewhere, i.e. Brazil could have been expanding iron ore exports much sooner.
I saw with my own eyes what you’re talking about and you are spot on. It’s depressing and sad to see how Australia can’t organize a free one in a brothel, is stuck in the past and has no real interest or plan on how to improve anything at all.
Their problem is life is pretty good, so they’re not interested in a bit of work to make it incredible. Like you said, a modest sovereign wealth fund could easily let every Aussie work 4 or even 3 days a week. Or more solar, or making use of all the uranium or one of dozens of things
"Australia is a lucky country run mainly by second rate people who share its luck. It lives on other people’s ideas, and, although its ordinary people are adaptable, most of its leaders (in all fields) so lack curiosity about the events that surround them that they are often taken by surprise."
Sadly as true today as it apparently was back then.