Innovation is an inexhaustible engine for economic development.
Premier Li Keqiang People’s Republic of China
Many years ago I came across some research into “developed economies” who’s universities had produced something like 50 times more lawyers than engineers in the decades after World War 2
More recently I read with interest this article “Businesses burying themselves in billions of dollars in red tape” when I was working with an organisation that put so many hurdles in front of their people it was ridiculous.
Fast forward a few years and I attended a lecture by an American Professor was talking about the continuing growth of the Chinese and Indian economies, he finished with a comment about his eagerness to see them become a little more westernised, interesting. At that same time America had just voted in Donald Trump, the UK had Brexit and Australia had their 7th Prime Minister in 8 years, mmmm…. I dunno.
If I was doing a business plan for China or India, I am quite sure I would not be giving up my political system to be more like these “Developed Economies”.
I appreciate there may well be other arguments about the success or otherwise of these countries but they certainly have the jump on us when it comes to wealth creation, not that I want to move there mind you…..just saying.