Re:China to Overtake U.S. Economy by 2032
by vinceguidry on Tuesday December 26, 2017 @10:15PM
(#16012576)
> Indeed it is, but the most innovative product doesn't always win in the market place
Well, if you go over my original comment again, I was more referring to process innovations and not feature innovations. Things like reducing material costs, logistics improvements, sustainability improvements. These are the sorts of things that you can't really say no to and that you're always going to be looking for more of.
> Is there any reason to believe this is a pre-requisite of success though?
China is an outlier in many, many ways. But when you look at Europe where much of the industrial and commercial success was historically, you'll see that the particular sorts of social innovations form the foundation on which market economies thrive.
We saw how a command economy played out when a nation wanted to be a superpower before. The USSR simply collapsed under its own weight. The incentive to produce and innovate can't come from one place. Great Britain's market focus and political innovations allowed a society to rise up that created it's own incentives.
China can throw mountains of resources to solve one problem. But they're limited to only solving one problem at a time. Because the incentives for success can only come from the state.
Well, if you go over my original comment again, I was more referring to process innovations and not feature innovations. Things like reducing material costs, logistics improvements, sustainability improvements. These are the sorts of things that you can't really say no to and that you're always going to be looking for more of.
> Is there any reason to believe this is a pre-requisite of success though?
China is an outlier in many, many ways. But when you look at Europe where much of the industrial and commercial success was historically, you'll see that the particular sorts of social innovations form the foundation on which market economies thrive.
We saw how a command economy played out when a nation wanted to be a superpower before. The USSR simply collapsed under its own weight. The incentive to produce and innovate can't come from one place. Great Britain's market focus and political innovations allowed a society to rise up that created it's own incentives.
China can throw mountains of resources to solve one problem. But they're limited to only solving one problem at a time. Because the incentives for success can only come from the state.