Since I got back from China, a lot of my American friends and family-- from my Pop-Pop to family friends-- have asked me some version of that same question... "So, the Chinese. They're beating us bad, aren't they? Do you think we have a chance?"
This is an interesting question on a few levels. As a Gen Y-er who has grown up among a diverse set of childhood friends and adult friends-- immigrants and children of immigrants, I don't think of the world in such us-versus-them terms. The world has always been flat for us, right? ;) And yet, coexisting right next to this idea of an "egalitarian world," has always been this expectation of American economic success, having benefited from the innovations and wealth produced from generations before me (a good public school education, a pathway to excellent institutions of higher education, and well-paid jobs in innovative corporations).
That's the thing about Gen Y, we want. it. all.
I think that China will indeed "catch up" to the US (whatever that means) and may even overtake the US in our generation as world economic power. My generation has grown up with the wealth of the institutions that preceded us, and now we are concerned with things like work-life balance, MBAs, and law school. The US needs more rewards for engineering, teaching, innovation, and entrepreneurs. The rewards of something like a high-paying corporate job might still be too sweet to sacrifice for the risks of starting a business. But when we see even more massive layoffs and restructuring of US economy, then out of scarcity will come innovation. Our Chinese counterparts in our generation are innovating like mad.. it's like the hunger that was felt two generations back by my grandparents and their parents in the US.
The argument that China's growth is "catching up" is not true-- the innovation is new. Take this example... renewable energy has been hailed as the future of the American economy, but in the past two months two solar cell manufacturers in MA and NY that were touted as huge success stories for their respective states have both closed down-- Evergreen Solar in Devens, MA, and Spectrawatt in Fishkill, NY. The reason for both was inability to compete with the quality of product and price coming out of China. If we are failing in renewable energy, what is next for the US? Yes, Chinese entry-level engineers are making approximately $7,000 USD compared to American $65,000, and that wage gap will eventually have to close. But I still give China an edge in terms of pure desire and ambition right now.
One thing the US needs to continue to export is higher education. I just got back to my first week of American graduate education and, though I had a great experience in higher ed in China, American style of higher ed is just unparalleled... more in-classroom challenge to the professor, participation, growth, higher level of critique. The US needs to maintain this atmosphere by granting international student visas and work visas and creating experiences like the 40% international classroom experience at Babson-- and encouraging innovation to spill over into the US, and its connections abroad. In a flat world, we are all interconnected.
(Thanks to AF, KN, and DK for starting the email chain that inspired this reflection).
This is an interesting question on a few levels. As a Gen Y-er who has grown up among a diverse set of childhood friends and adult friends-- immigrants and children of immigrants, I don't think of the world in such us-versus-them terms. The world has always been flat for us, right? ;) And yet, coexisting right next to this idea of an "egalitarian world," has always been this expectation of American economic success, having benefited from the innovations and wealth produced from generations before me (a good public school education, a pathway to excellent institutions of higher education, and well-paid jobs in innovative corporations).
That's the thing about Gen Y, we want. it. all.
I think that China will indeed "catch up" to the US (whatever that means) and may even overtake the US in our generation as world economic power. My generation has grown up with the wealth of the institutions that preceded us, and now we are concerned with things like work-life balance, MBAs, and law school. The US needs more rewards for engineering, teaching, innovation, and entrepreneurs. The rewards of something like a high-paying corporate job might still be too sweet to sacrifice for the risks of starting a business. But when we see even more massive layoffs and restructuring of US economy, then out of scarcity will come innovation. Our Chinese counterparts in our generation are innovating like mad.. it's like the hunger that was felt two generations back by my grandparents and their parents in the US.
The argument that China's growth is "catching up" is not true-- the innovation is new. Take this example... renewable energy has been hailed as the future of the American economy, but in the past two months two solar cell manufacturers in MA and NY that were touted as huge success stories for their respective states have both closed down-- Evergreen Solar in Devens, MA, and Spectrawatt in Fishkill, NY. The reason for both was inability to compete with the quality of product and price coming out of China. If we are failing in renewable energy, what is next for the US? Yes, Chinese entry-level engineers are making approximately $7,000 USD compared to American $65,000, and that wage gap will eventually have to close. But I still give China an edge in terms of pure desire and ambition right now.
One thing the US needs to continue to export is higher education. I just got back to my first week of American graduate education and, though I had a great experience in higher ed in China, American style of higher ed is just unparalleled... more in-classroom challenge to the professor, participation, growth, higher level of critique. The US needs to maintain this atmosphere by granting international student visas and work visas and creating experiences like the 40% international classroom experience at Babson-- and encouraging innovation to spill over into the US, and its connections abroad. In a flat world, we are all interconnected.
(Thanks to AF, KN, and DK for starting the email chain that inspired this reflection).
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