A decade from now, which country will boast of the maximum billionaires in the world? Forbes readers voted like this:
Now, this is a very strange statistic as is the number of current billionaires from India. Now, billionaires is never a good statistic to go by for assessing the prosperity of a country – indeed it shows the disparities more than distribution of wealth! Yet, the RATE of GROWTH does shows a certain element of Freedom that is available to Private Enterprise. That the system provides an opportunity to even the poorest and the common people to aim for the top. In India this has happened in many cases. Reliance is a legend, then Infosys, T-series etc. All were first generation not terribly rich people and all with completely different backgrounds!
It is understandable that Chinese economy will beat the Indian economy on the whole. But why should it produce less spectacular successes than India? Its not as if Chinese economy has any lesser disparities than India has.. its equal or more. Then where is the DELTA?? Who gets to eat the “CREAM” in the Chinese Economic Churning?
I feel, ONE, there is very little cream being created! Second, most of it is virtual anyways as someone with the official wand decides who produces what and where the surplus goes to. So does such an economy lend itself to longer term success? I am positive NO!
What do you think?