Asian work ethic
FSO Transcription - Rogers/Faber/Yergin "Riverside Conversations" February 2003
In China, every year they have 500,000 engineers coming out of technical schools and universities. The same number comes out of schools in India. These people have very low salaries. They frequently don’t come from established families. They are prepared to work 100 to 200 hundred hours a week to make it up because the competition is so stiff. These are people that don’t go skiing over the weekend or boating in the summertime. They work every day of the week.
Strong drive for upward mobility. Indians savings as % of GDP (25-28%!), as opposed to 2% in America. Not as high as 42% in China!! function of scarcity mentality under socialism, depreciation of assets under tyrannical goverments.
In China, every year they have 500,000 engineers coming out of technical schools and universities. The same number comes out of schools in India. These people have very low salaries. They frequently don’t come from established families. They are prepared to work 100 to 200 hundred hours a week to make it up because the competition is so stiff. These are people that don’t go skiing over the weekend or boating in the summertime. They work every day of the week.
Strong drive for upward mobility. Indians savings as % of GDP (25-28%!), as opposed to 2% in America. Not as high as 42% in China!! function of scarcity mentality under socialism, depreciation of assets under tyrannical goverments.
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