Here Comes the East
The West is on top of the world. Only about one-seventh of the planet’s population lives in Europe or North America, but they generate two-thirds of its wealth, own two-thirds of its weapons, and spend more than two-thirds of its R&D dollars. On average, American workers are seven times as productive as China’s.
Yet when Richard Nixon made his famous visit to Beijing back in 1972, American workers were 20 times as productive as Chinese. China’s share of global production was then 5 percent; now it is 14 percent. China is now the world’s second-biggest economy (and Japan is the third) and the world’s biggest carbon emitter.… Seguir leyendo »