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...most populated cities in the world, with nearly 32 million people. And there are at least 100 cities in China with more than a million people." While Wong preaches caution when it comes to the numbers?only a tiny percentage of China's population can afford luxury goods???she says it is vital to recognize that many now know about brands. "Always give them the latest. What Hong Kong has, China has to have," she counsels. As for the future, Wong predicts that by 2012, consumer spending on luxury goods in China will surpass America...
...farmers rush to gather in a bin-busting harvest, their fortunes have improved. The prices that farmers received averaged 23% higher in September than a year earlier, while the prices they paid for tools, fertilizer and consumer goods???including food?rose only 10%. Most crops have been bountiful enough this year to cause even retail food prices to level off after a frightening winter-spring rise. The Department of Agriculture predicts record 1978 crops of corn, soybeans, hay and fall potatoes. Corn is so abundant that Midwestern farmers are storing it on streets, playgrounds and tennis courts...
...businessman pursuing his own self-interest would be led "by an invisible hand" to do more good for society than if he consciously set out to do so. For almost two centuries, businessmen accepted the comfortable, generally sound idea that, by seeking wealth for themselves, they would create jobs, goods???and wealth ?for others. In modern America, owners and managers figured that their chief duty was to make the biggest profit they could, subject to some qualifying commandments: Thou Shalt Not Cheat Customers, Thou Shalt Not Oppress Workers, Thou Shalt Not Conspire with Competitors. As a citizen...
Diplomatic discretion has meshed wonderfully well with the country's ecumenical trading patterns. Each day Japan exports $44 million worth of goods???one-third to Asia, one-third to the U.S., and one-third to the rest of the world. Few nations can match Japan's prices?not because of cheap labor, which is no longer all that cheap, but because of efficient production and shipping techniques. Incredibly, the Japanese can deliver finished pipeline to Alaska at a total cost that is less than the freight charges alone from Pittsburgh's steel mills. Small wonder that since 1955 Japan...
...producer of goods, Galbraith argues, the system works very well, and he scoffs at those who look upon bigness as inherently evil. Yet he does find one overriding fault: the present system puts too much emphasis on goods???washing machines, cars and gadgets?and not enough on beauty and man's search for higher values. In a sense, Galbraith is raising anew, as he did in The Affluent Society, the question of priorities and how wealth is to be divided. Instead of working 40 hours a week in order to be able to buy the full panoply of gadgets...