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Economic decline of the West: 5.Q&A (HD)

Jon Moynihan, Chairman of PA Consulting Group's keynote speech to the MIT Club of Germany in Frankfurt on October 10, 2009, covering financial crisis, causes, implications and desirable actions. Follow on from Jan 22 speech in London. Part 5: Discussion

See also
Watch panel presentations from this Oct. 2009 event: The Financial Crisis—Repercussions and Remedies

Comments (1)

This is the first time I visited this site. Congradulations to the MIT club of Germany for this nice presentation (maybe we can organize something like it in Greece as well and post it).

I just wanted to make a comment on projected Labor prices reaching an equilibrium level between the West and China. There is no common Labor Market (laborers do not move to compete for jobs), there are Final Products Markets with greatly varying labor content in each product, and this depends a lot on the existing infrastructure in the country where final production takes place, and in the long term even on factors that have to do with the organization of Society (Political System), and Cultural Aspects. In China when I visited two years ago I was amazed to hear that there is a massive relocation underway of more than 200 million people from Agricultural areas to the newly industrialized South, where the peasants will inhabit the prefabricated cities and become industrial workers.

I think that it is too simplistic to make predictions implicitly assuming that an efficient Industrial Society can be created in a span shorter than that of a single Generation and be stable.

I remember hearing predictions following the fall of the Berlin Wall that East Germany will become the Industrial Powerhouse of the World in less than 20 years. The tranformation turned out to be more complicated than that, and the East Germans did not prove to transform to West Germans overnight (from what I hear).

Again Congradulations!

Posted 8 years by Panos Mantzaris

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Economic Decline of the West

Economic Decline of the West

Category: Finance & Economics | Updated 8 years ago

December 08, 2009 09:35
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