I am deeply shocked after reading this master piece from the Pulitzer Prize Winner, David Leonhardt.
His observations keep me wondering why sometimes a foreigner could gain such a sharp view on China, on her past, and her present being.
Can't recommend more, especially for those who are highly optimistic / pessimistic towards the future of China
In China, Cultivating the Urge to Splurge
The rise of China can often seem inevitable. It is the world’s most populous country, now reclaiming its long-lost power. Its economy recently passed Japan’s as the second-biggest in the world, leaving economists to debate whether China was on pace to overtake the United States by the year 2025 or 2030. Yet China’s rise has been anything but inevitable. Consider other poor countries — in South America, Africa and even Asia — with vast pools of cheap labor, which nonetheless have not been able to grow rapidly. Or consider other once-socialist countries, mostly in Eastern Europe, still suffering from a post-Soviet hangover. Even look at India, which is often paired with China as the great growth story of modern times. As recently as 1990, India had a comparable per-capita income to China. Today, China’s is more than twice as high. So having a lot of cheap labor or moving toward a market system, or even both, does not guarantee the phenomenal growth China has experienced.
Full article here: