Includes bibliographical references and index.

Icebergs ahead -- How the capitalist road turned East -- The global ballet -- Made in China -- Serviced in India -- High tech I. : America's baby -- High tech II. : The world's baby -- Cheap no more -- The end of the dollar -- The comfortable road to ruin -- The great shift -- To ride the third wave. "In Three Billion New Capitalists, the acclaimed international trade expert Clyde Prestowitz explains why this belief is a mirage. He describes the powerful trends whose convergence is rapidly shifting wealth and power to Asia - and why geopolitical clout will follow economic strength. These trends include America's increasingly unsustainable trade deficits and the equally unsustainable buildup of massive dollar reserves in places like Japan and China; the end of America's position as the world's premier place for invention and technological innovation; the role of the Internet in permitting many formerly localized jobs to be done anywhere in the world; and the demographic meltdown of Europe, Japan, Russia and, in later decades, even China. All these trends are given enormous weight by the consequences of the West's great victory in the Cold War, which brought three billion people into the capitalist system for the first time."--BOOK JACKET.