Chinese Menu

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Category: Business and Industry

Date Submitted: 09/13/2012 12:54 AM

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Regarding to North´s article “The Chinese Menu” devoting immense amounts of resources to less developed countries not necessarily helps to promote a country´s economic infrastructure. Economic growth requires different measures and an efficient framework which governs and enables social interactions as well as an open-access structure regarding to policy and economic markets. Therefore it does not seem to be sufficient just focusing on productivity increase or any single measure. One has to consider a lot of opportunities as well as consequences which might result out of these decisions.

With open-access societies, institutions should put ‘education ‘ into country national agenda. When once resources for knowledge, people will be come more educated. With better education enormous initiatives will be created. Policies should be created to support the continuous growth in education. “The first essential factor that is often overlooked: the enormous investment China is making in education. More educated workers are much more productive workers.”

This idea was proposed by Robert Fogel, Economic Nobel Prize who also believes that education has been key factor in contributing to China’s fast economy growth. Fogel also added that “In 2040, the Chinese economy will reach $123 trillion, or nearly three times the economic output of the entire globe in 2000. China's per capita income will hit $85,000, more than double the forecast for the European Union, and also much higher than that of India and Japan. “ (

When the world is equipped with education, the world will be more free of poverty which is aligned with World bank’s mission “World free of poverty”.

When people are educated they no longer want the fish but they will want to learn how to fish. The most valuable intellectual property a person can have is knowledge.

Therefore, a less developed country needs a well-specified and well-enforced...