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None of these proposals will solve our problems because they ignore the two numbers $135 and $12. The first is what the average worker in the West earns per day; the second what the average worker in urban China earns.
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Since 2000 China’s economy has quintupled — while jobs, wages and GDP growth over the cycle for Western economies was, with few exceptions, negative.
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Aren’t Europe’s workers better educated? More creative? No: 10,000 science PhDs graduated from Chinese universities last year. In 1995, global patents granted to China amounted to 0.5 per cent of the total; in 2010 it had reached 9 per cent and is rising exponentially.
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it is in a highly educated workforce, particularly in science, that our future lies. According to the OECD, almost 20 per cent of children leave school without the reading skills essential to be a productive member of society. In Shanghai it is less than 4 per cent.
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