It is common knowledge that the Eastern economies are developing faster than those of the West, but what does this mean for the UK economy today?
Professor Douglas McWilliams explains that even at this early stage of the greatest economic change that the world has ever seen, economies like those of Hong Kong and Singapore are already pulling far ahead of the UK; "They behave with the hunger of societies that are poor, even though they are becoming (or have already become) rich; they don't take prosperity for granted."
So it is that Singapore has a GDP per capita already 30% higher than in the UK and in Hong Kong it is as much as 50% higher. Further to this, in these Eastern nations people work an equivalent of five months longer than the UK each year.
Professor McWilliams believes that we are only in the early stages of this great economic shift Eastwards, which will go on for another 50 years - there are a lot of very important lessons that it would be wise to learn as quickly as possible...
This is an extract from Douglas McWilliams' first in a series of free public lectures, 'The Greatest Ever Economic Change', all of which will be delivered within the City of London and subsequently made available on the Gresham College website. The transcript and downloadable versions of the first lecture are available from the Gresham College website here:
Gresham College has been giving free public lectures since 1597. This tradition continues today with all of our five or so public lectures a week being made available for free download from our website. There is currently over 1,300 lectures free to access or download from the website.
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