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Freakonomics: Asia's Millionaires - The Millionaire Not Next Door
- rmundo 16y agoThe article essentially observes that millionaires in Asia now collectively control more money than millionaires in Europe. So there is a lot of economic activity going on and some people are rapidly getting rich. But the average asian citizen still has a much lower salary than a westerner, and public infrastructure is pathetic. A disproportionate amount of wealth is going to those on top of the economic food chain, and that's going to stunt their development.
- garply 16y agoThe NYT link is just a short snippet doing summary. This is a better link: http://www.npr.org/blogs/money/2010/06/23/128047942/more-money-moving-east-asia-s-wealthiest-rise-above-europe-s-for-the-first-time http://www.npr.org/blogs/money/2010/06/23/128047942/more-mon...
- stretchwithme 16y agoThe founder's gave us a very decentralized system and a very minimal federal government. Needless to say, this has greatly eroded. The asian economies have become so successful because they have been adopting capitalism. We should be glad. Our problems are of our own making. We've been incenting people to consume rather than to produce and to go into debt to do it. And government at all levels is borrowing and spending in the mistaken belief that consumption is economic success. It isn't. We need to start dealing with reality.
- locopati 16y agoOnce everyone is producing won't someone need to consume the production?