From SmartMoney on George Gilder’s new-found fascination with China:
China is poised to take over the world’s manufacturing. Some 18 million people enter the work force each year. Typical wages are 60 cents a day. Even Mexico is losing jobs to China. Individuals outside of China will be displaced on a large scale. The notion that Chinese workers will begin replacing physical laborers elsewhere has long been a given. But the country is poised to replace the world’s mental workers as well. Remember: 700,000 engineers a year, 37% of all college graduates all trained in a university system that is rapidly growing in size and quality. Engineer pay ranges from $4,800 to $8,800 a year, plus medical costs, housing and pension. As product design becomes more network-centric and less location-dependent, the competition for Western engineers will turn even tougher.