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On China's fast-track to luxury
The rapid growth of the Chinese economy is causing some concern around the globe. Other countries fear they will soon no longer be able to compete. It's a revolution based on a limitless supply of manpower. The author starts right out with a manifestly false statement and magically glosses over numerous other ones in short order. THERE IS NO SUCH THING AS A "LIMITLESS" OR INFINITE MARKET. Neither supply nor demand can ever be unbounded. China's supposedly infinite labor market is what will eventually destroy their corrupt system when all of these workers finally understand that only a few are destined for actual wealth. Watch out Japan and the US; China already has the world's third biggest economy... and it just keeps growing. In Beijing this summer the latest fashion statement is a Hummer H2. For the uninitiated a Hummer is an enormous gas guzzling American 4X4. It's about the size of a small house. Just the thing for running around a congested city of 14 million people! Just the thing for a country whose dependence upon foreign oil exceeds that of nearly all others. One glance at the gas mileage rating sticker tells all; "Not Applicable." "That has to be the stupidest car on the planet!" I commented to a Chinese friend on seeing yet another one blocking up a Beijing street. "I can't understand why anyone would want to buy one of those things." She laughed at me. "I thought you understood Chinese people!" she said. "They love cars like that. If you're rich in China you want to show it off." And in Beijing there are plenty of new rich who like to show it off. The Asian fascination with conspicuous consumption will most likely be one of their major stumbling blocks to lasting economic success. As with Japan's obsession over owning and exhibiting name brand goods, when scaled up for China's masses, this preoccupation with ostentatious public displays will bring about the usual misery. Posted by: Zenster 2004-08-01 |
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