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...Isn't that degree of spending good for the economy, especially in a recession? Well, yes and no. Let me talk about that in a couple of different ways. First of all, the economy consists of buyers and sellers. You think about why we spend in the first place. We spend in order to produce satisfaction for buyers. We don't spend in order to help sellers. It's fine if we do help sellers, but we're trying to produce satisfaction. If the spending we engage in doesn't produce any satisfaction, then it's hardly a measure...
China, critics will point out, doesn't produce (at least not yet) many Nobel Prize winners. But don't think the basic educational competence of the workforce isn't a key factor in its having become the manufacturing workshop of the world. It isn't just about cheap labor; it's about smart labor. "Whether it's line workers or engineers, we're finding the candlepower of our employees here as good as or better than anywhere in the world," says Nick Reilly, a top executive at General Motors in Shanghai. "It all starts with the emphasis families...
...story behind Yunus' conception isn't even exclusive in his new home, which is not far from the airport. His adopted sister Nadia, who celebrated her first birthday on Nov. 1, was born following the rape of her mother in Kuwait. Both children were born in Jakarta and were almost immediately placed into Ibu Herlina's care. Their adopted mother points out that the children share "Arab" facial features, in contrast to most of their siblings, who have "Asian looks." Her home, consisting of a modest house and a dormitory-like shelter, is filled with 10 children who were abandoned...
...graduate of MIT and the University of California, Berkeley, says he does deals in Beijing rather than Silicon Valley these days "because I believe this is where these new industries will really take shape. China's got the energy, the drive and the market to do it." Isn't that the sort of thing venture capitalists used to say about the U.S.? (See pictures of the global financial crisis...
...Horizon The energy that so many outsiders feel when they are in China and that President Obama may see when he is there comes not just from the frenetic activity that is visible everywhere. It comes also from a sense that it's harnessed to something bigger. The government isn't frantically building all this infrastructure just to create make-work jobs. And kids aren't studying themselves sleepless because it's a lot of fun. A few years ago, I interviewed Zhang Xin, a young man from a deeply poor agricultural province in central China. His parents were wheat...