Napoleon III compared China to a sleeping giant and warned: "When China awakes, she will shake the world."
After a long hibernation, China, and her 1.3 billion people—twice the population of the U.S. and EU combined—is awaking almost overnight.
And not just China. The world's second most populous country, India, is industrialising at a historically unprecedented pace.
Their economies are growing on a long-term basis about four times the speed of the UK's and that of the United States.
What is happening is so extraordinary that economists have had to invent a new word for it—this is not an economic cycle, but a supercycle, a shift in the world economy of historic proportions.
Sunday, April 13, 2008
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