Here is an interesting article from today's Australian for all those US haters. It an't over yet!
Will Hutton, in The Observer, on why it is a bit premature to concede the 21st century to China or India
THE fashionable view is that the US economy is a busted flush (but) of the world's top 100 universities, 37 are American. The country spends more proportionately on research and design, universities and software than any other, including Sweden and Japan. Of the world's top 50 companies ranked by research and development, 20 are American. Fifty-two of the world's top 100 brands are American. Half the world's new patents are registered by American companies.
This year, American exports have grown by 13 per cent, helped by the falling dollar, so that the US has reclaimed its position as the world's number-one exporter. Moreover, two-thirds of America's imports come from affiliates of American companies that determinedly keep most of the value added in the US. The US certainly has a trade deficit, but importantly it is largely with itself.
Despite its size, (China) has only three universities in the top 100, not one brand in the top 100, not one company in the world top 50 ranked by R&D and it registers virtually no patents.
China has no tradition of public argument, nor independent judiciary. India, a democracy with the right institutions, is much better placed, but with income a head at 2 per cent or 3 per cent of that in the US, a challenge will take centuries rather than decades.
Anybody who would prefer China's communists needs to see their doctor. The greatest danger is that we start believing the pessimism. The US is, and remains, formidable. Which is just as well for all of us.
