He dismisses Japan as bogged down by a lingering recession and a protectionist mindset. More often than not, he says, Europe and Japan will be America's fierce adversaries in the trade battles to come. As tempting as the BEMS' untapped markets are, these new playmates come with undesirable traits too. Bequeathed by communism, Poland's industrial infrastructure belches pollution across Europe. China's human rights record is abysmal.
Child labor is a pan-Asian problem.
To his credit, Garten not only acknowledges these and other problems, he dwells on them. Perhaps three-quarters of The Big Ten discusses just how difficult and risky trade with the BEMS will be. Ultimately emerging markets could reward American businesses with billions of dollars of revenues. That would mean millions of well-paying jobs for American workers. In the short run, however, pressures created by the BEMS may result in American job losses and stagnant pay checks.