Joe Nocera reports at the NYTimes on China's tremendous strides in just over a generation:
What China has done in less than three decades is nothing short of astonishing. As Byron Wien, the chief investment strategist for Pequot Capital Management, wrote last summer, “Nothing I have read, heard or seen will dissuade me from my view that China has made more economic progress in the last 30 years than any country in history.” It is impossible to visit today’s China and disagree.Continuing on job growth and wealth creation:
motivated by the prospect of wealth, people started companies. And as those companies succeeded, millions of new jobs were created. In Shanghai — a place with more entrepreneurial energy than any place I’ve ever visited, including Silicon Valley in the 1990s and Houston during the 1980s oil boom — you can practically see wealth being created before your very eyes. If Shanghai doesn’t make you a believer in the power of capitalism to improve lives, nothing will.
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