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The sector that employs the vast majority of the population of a poor country cannot be underestimated.
How Asia Works
Joe Studwell
Japan, Korea, Taiwan and China perfected ways to marry subsidies and protection for manufacturers – so as to nurture their development – with competition and ‘export discipline’, which forced them to sell their products internationally and thereby become globally competitive. This overcame the traditional problem with subsidy and protection policies, whereby entrepreneurs pocketed financial incentives but failed to do the hard work of producing competitive products.
How Asia Works
Joe Studwell
The last 500 years have witnessed a phenomenal and unprecedented growth in human power. In the year 1500, there were about 500 million Homo sapiens in the entire world. Today, there are 7 billion.1 The total value of goods and services produced by humankind in the year 1500 is estimated at $250 billion, in today’s dollars.2 Nowadays the value of a year of human production is close to $60 trillion.3 In 1500, humanity consumed about 13 trillion calories of energy per day. Today, we consume 1,500 trillion calories a day.4 (Take a second look at those figures – human population has increased fourteen-fold, production 240-fold, and energy consumption 115-fold.)
Sapiens
Yuval Noah Harari
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