Twenty years ago China was already an export juggernaut but it was difficult to see it becoming a consumer powerhouse. It did not have credit cards, banks were backward in their technology, there was no credit rating system, and above all there was no delivery system for internet shopping – no UPS or FedEx. Well […]
Innovation
A Look at the Short and Long Term
In an era of ever improving living standards, it’s hard to believe that growth was non existent for most of human history. But take a look at the very long run – and by that, I mean a few millennia – and that is what you’ll see. The chart below, from a speech by Andrew […]
