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This part of the article really got to me: "China was the largest economy for centuries because everyone had the same type of economy - subsistence - and so th
by procrastitron 18y ago
This part of the article really got to me:
"China was the largest economy for centuries because everyone had the same type of economy - subsistence - and so the country with the most people would be economically biggest. Then the Industrial Revolution sent the West on a more prosperous path. Now the world is returning to a common economy, this time technology- and information-based, so once again population triumphs."
The exuberance for Japan 20 years ago was a bubble, and as such it was based on a lot of irrational assumptions: The Japanese had better business models, more productive workers, better work culture, etc. However, the advocates for China's rise are just counting on one, objective indicator; they outnumber us.