I really think that people should read Karl Marx (forget about his political and "moral" stance) and understand the major role of capital itself, its freedom of flow and it freedom to "concentrate". He missed few major points, particularly the evolutionary process of capitalism and the role of the "rule of law" (he assumed that the capital concentration process was largely a result of acts of piracy, and the Russians, who studied Marx religiously, did exactly that after the dissolution of the Soviet Union). Marx paid less attention to "available and homogeneous" large markets, as well. In modern time he would have probably added the role of poor emigrants as an engine of growth of capitalistic states. However, in general terms he got the picture correct, except he did not foresee the development of "the welfare state", which in essence prevented the collapse of capitalism he preached for.
Long term, sure, it will be tougher, but then, the standard of living in India and China will rise, and guess what, with a rising standard of living, a wealthy appetite for foreign goods (sometimes, only because they are foreign, as a status symbol, or "the Johns have it, we should too) will redress the chronic trade deficit. Eventually, in 50 years or more, a real equalization may start and appear (and China's and India's struggle will be with African competitiveness?). If you worry a lot about China and India, just look at Japan, they were in the early 60' about where India and Japan are now. I expect at east one major Chinese/Indian Bubble to evolve in the next three decades, and there is nothing like a serious bubble to put a major crimp on a society. I really cannot "see" that far, but if you are optimistic, and you assume for instance that the Magreb and the Arabian lands will finally harvest their economic potential, we may all be far better off. Maybe in a more peaceful world, all we'll need to do to start and build large surpluses will be to stop increasing our defense budget, just keep it constant could bring us surpluses in some 10 to 15 years.
Zeev
AI
Market Data 
Markets 
