China & India Are Racing The West To The Top - Not Bottom
Posted: Friday 10 November 2006 - Global Markets Section
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Talk to almost anyone about the impact of China & India on the global economy and they'll primarily go on about cheap labour and outsourcing.
But these countries aren't stupid - they're looking and planning ahead by several years or even decades while western companies are backslapping and congratulating themselves over an 8% rise in quarterly profits due to outsourcing or finding a cheaper supplier etc.
So the real race for the next 10-20 years is the race to the top - controlling a good part of the global economy of the future. But to do this you need good education.
Did you know right now for example that the Indian Institute of Technology is now the world's most competitive university. Its computer science education ranks on a par with the finest schools in America.
China intends to create the equivalent of a dozen Harvard's in the next few years, and given time there's no reason why they can't accomplish this.
China's elite already has education, laboratories and intellects comparable to the best elsewhere. While it remains a far smaller percentage of their total population, their absolute numbers are already in the millions and rising rapidly.
Something to think about for long term investors.....
