Posts filed under 'Post Trip Wrap-Up re: China'
A hat tip to Dan Harris and the China Law Blog for this lead ….
Here is a really, really interesting power point presentation by advertising giant Ogilvy on consumers in China’s Tier II and III cities. Some great stuff in here that will relate to what you are studying or will study in your MBA marketing class this winter quarter (e.g., branding, market segmentation, packaging, impulse buying, distribution channels, price sensitivity, who makes the family buying decisions, etc. anyone?). This material also highlights why so many foreign firms are trying to get into the market there — the consumer class and their spending power in these lower tier cities are on the upswing. This presentation is worth spending a few minutes to click through and study. Doing so, via this compare and contrast measure, also helped me better understand the marketing of products here in the US. Once in China, as you walk in and out of stores, and as you bus from A to B and look out the window, you need to think back to this material and connect some of the dots as related to your coursework ….
February 6th, 2008
I always get a kick out of hearing the segment of Americans who rant about how “out of control” or “loose” or “unscrupulous those Chinese are” with respect to their business style and practices.
If we view life and the world from the American short term ” what can you do for me today” and immediate gratification perspective and time line, then I guess they may be right.
But fortunately we have historians that help remind us otherwise.
If/when you look this issue over a longer period of time, as the Chinese very well know how to do with their 3,700 year history and as a good historian is trained to do, then such statements and conclusions often don’t hold up under scrutiny.
For example, check out this recently published and must read Boston Globe article titled, A Nation of Outlaws: A Century Ago, That Wasn’t China — It Was Us, written by Stephen Mihm, assistant professor of history at the University of Georgia.
The WSJ blog notes the following about Mihm’s piece:
[Mihm argues that] China’s sometimes fast-and-loose business style doesn’t necessarily reflect a distinct Chinese approach to capitalism. The U.S. itself once shocked the world with piracy, counterfeiting and food scandals.
Just as pirated DVDs and Harry Potter books abound in China, U.S. printers published British authors’ books without permission or payment, provoking Charles Dickens to repeatedly condemn the U.S. in his lectures. Hats, gin, beer, and paper made in the U.S. would be labeled as fine imports from Paris and London. An investigation into Boston food in 1859 found pickles containing copper sulphate, sugar blended with plaster of Paris, and watered-down milk bulked up with chalk.
When the U.S. became a major exporter, such practices scandalized Europe. In the mid-1880s, U.S. butter exports to Europe plummeted following the revelation that a lot of it was “oleo-margarine,” made from beef fat, cattle stomach, and ewe udders. In 1879, Germany accused the U.S. of exporting pork contaminated with cholera, leading several countries to boycott the U.S.
[Prof. Mihm further argues that] [w]hat is happening in China today happens in most newly capitalist countries, as new technologies, expanding markets, and wily entrepreneurs overwhelm systems of control designed for rural areas.
If the U.S. in the 20th-century is any guide, China’s business-practices will eventually improve under stiff international pressure, says Prof. Mihm. The landmark Food and Drug Act of 1906 was in part aimed at improving the reputation of U.S. food abroad. Also, just as U.S. copyright laws tightened as U.S. authors became popular overseas, Prof. Mihm predicts China will crack down on counterfeit DVDs if and when it has a significant movie industry of its own.
I think Professor Mihm makes an excellent point. Good work, Doc Mihm.
On the other hand, an argument can be made that he is comparing apples to oranges, in that the US at at that time was a democracy (as it is now) and not an authoritarian state like China where the unhappy populace of America was able to go to their state legislatures and the federal government demanding, and obtaining, legislation that changed the status quo. China is not yet there. And as James Mann argues, even if it continues to develop economically and we open up trade with them it may never get there (see my previous blog post on Mann’s book, The China Fantasy).
Also, it seems to me that at that during the 20th century we had much more of a free and independent press, along with several early “Upton Sinclairs” and “Ralph Naders” types in our midst acting as watchdogs to help shine a spotlight on some of the problems at issue which thereby helped accelerate the creation of a remedy to address them. That is not the case in today’s China, although I concede that given the power of the Internet this point may be debatable.
Your thoughts on this issue and debate, sons and daughters, like me, of prior American charlatans, frauds, law breakers, counterfeiters and the like? Is the state of what we see in China today simply a part of the normal economic development of a country? Or, are Chinese society and culture inherently predisposed to break what we Westerners think are “the rules of the game”?
August 28th, 2007
Below are excerpts from two wonderful posts on the One Man Bandwidth blog (click here and here or the full posts). Lonnie is an American who has lived in China for 17 years. You will meet him in Guangzhou.
[General Musings]
“[Though they have moved Westward] the Chinese are still generally shy about public discussions of sex and public displays of affection. Hugging someone or asking about sensitive issues might evoke giggling or laughter. The Chinese often respond to social discomfort by laughing.
Do not take their seeming amusement as encouragement. They are telling you they don’t feel comfortable, so don’t push on. The Chinese have long memories and it could cause them to avoid certain kinds of contact with you in the future. Other conversational minefields:
–While it is common to talk about a person’s background or family in China, it is rare to hear someone discuss their spouse or significant other. It is entirely possible that you will attend several social gatherings over several months and not know that your colleague is married or in a relationship.
– Salary and money issues are usually off-limits. The Cantonese seem to feel no fear about asking about a person’s wages or the cost of something they own or wear, but it is best to avoid the subject in young relationships. Normal salaries in Guangzhou can be between $50-400 a month, so don’t put colleagues or friends in a position to be embarrassed when compared to you or the west.
– Don’t ask a woman in her late twenties if she is married. It is a cultural expectation that they will be married by that time, so you could really embarrass her. And don’t expect them to understand why many Americans practice serial monogamy before settling down. Many Chinese have had only one mate since junior high school or college.
– Stay away from religion and politics in dialogue. Most Chinese have no concept of religion, though many are quite superstitious, and the wrong politics can end your advancement in a job setting or worse. It will be a long time before you get anything but party-line answers to questions on Tibet, Tiananmen, Taiwan and so on. Many will not answer you because they just don’t have a lot to share. The news is controlled and bringing up a topic like the role of the new Pope might get you blank stares–like I did when I mentioned it in class as a daily news item. Because of the long-standing rift with the Vatican, Chinese news devoted a total of seventeen seconds of national television to Pope John Paul II’s death.
DO ask about holidays, customs, history and business. And when you do, listen and learn. You are not going to change mindsets by being argumentative. Find out more about how and why the Chinese think the way they do before you attempt to change it. Where some westerners enjoy a lively debate or discussion it may seem to some Chinese that you are angry or oppositional and that will drop you several rungs down the ladder of esteem.
Don’t be “a crane standing among chickens.” There is much to enjoy in interpersonal exchanges if you are open and receptive.
[Creativity and Innovation]
Chinese approaches to problem solving can frustrate the newcomer especially if he/she is called on to lead a team of Chinese nationals. When Chinese students and business managers run up against an obstacle they often just yield to it.
If the Great Wall were encountered by a group of Chinese collegians they would starve to death while forming committees on how to scale it, hurdle it, live on the student side of it or while waiting for their envoy, sent to fetch a projector so they could do a PowerPoint presentation on alternatives, to return. The Wall must have been more to keep Chinese in than Mongols out because when Ghengis Khan encountered it as an obstacle to the siege of Beijing he used the simplest of solutions: He went around it.
In an article in The Economists View I found this: “… Harry Shum, a Carnegie Mellon-trained computer engineer … said: ‘A Chinese journalist once asked me, ‘…what is the difference between China and the U.S.’ I joked, ‘… the difference between China high-tech and American high-tech is only three months - if you don’t count creativity.’”
The Chinese, and Japanese, are masters of the knock-off and can often de-bug new inventions faster than the original designers. But, the Chinese, who believe that that the proverbial nail that stands above the others is struck down, are not yet keen innovators.
Mind you, that is not all bad: Sony was created on the West’s sale of the transistor to Japan. They magnified our creative tremor into a multi-billion dollar tsunami of electronics products.
The Chinese educational system is the precursor for this seeming national inventor’s block. Chinese methodology often instructs students in classrooms deliberately shorted of resources in order to foster group cooperation, sharing and cohesiveness, not individual imagination.
One group of educators from South Carolina reported on a visit to China and mused over how they ordinarily would expect to “… see a classroom that invites children to choose what they want to do, and to work individually in centers, using materials in individualistic and creative ways. Here we saw evidence that teachers expected conformity and a willingness to work toward the completion of a task the chosen by the teacher rather than the child. These contrasting instructional styles highlight an important difference between the Eastern culture that expects citizens to adapt to their environment and Western ones where the social system stresses freedom, self-expression, and self determination.”
And the Chinese style of University teaching is a true marvel: If they banned PowerPoint in Chinese Colleges half of my colleagues would be stuck dumb. They would panic at the thought of delivering a lecture that diverged from main topic headings and bullet points. The only thing worse would be to have to spontaneously entertain questions from the class. Of course the class would be just as terrified about having to invent queries; hence, foreign teachers who teach without clear guides evident to students may be regarded as unorganized or inept.
A government sponsored study done in 2000 showed that only 14.9 percent Chinese youth polled believed they had creative ability; so, do not be surprised when students, friends or co-workers balk at having to tackle a problem without a clear solution. Do not be shocked when they hover around you for answers to difficult problems.
The survey mentioned above also indicated that 60 percent of the youngsters polled recognized the importance of creativity and 65.3 percent have curiosity about the world around them. Consequently, the government is studying ways to break the PowerPoint habit and circumvent the wall. When they do, the economic race will really be on.
Now, if we could just get American kids to do math ….”
Lonnie, you are the man.
January 30th, 2007
There’s a well known saying among those who write about China: “After you have been in China for a week, you think you can write a book. After you have been in China for a month, if you are lucky you might be able to muster a short article. After you have been in China for a year, you keep silent.” The point of this quote is, the more you learn about and experience China, the more you realize it has too many faces, it is too complex a place to master, and you have too much to learn. Many of you (all of us?) will return from China with more questions than answers. If so, that’s okay and natural. It’s also, in my view, the way true education should work and is one of the ways a truly educated person learns to view and experience the world. Happily for us, our goal for this trip and course does not require us to become experts on China, but to gain a deeper understanding of ourselves, the global economy and our ability to operate effectively within it.
In China CEO: Voices of Experience from 20 International Business Leaders, attorney Norman Givant (Managing Partner, Shanghai office, China Practice Group, Freshfields, Bruckhaus, Deringer Law Offices) reminds us that China’s booming economic development has taken place despite the messy, chaotic, and confusing backdrop of the transformation from a communist to a socialist and market-based system. He very insightfully notes, “[Unlike many Westerners] the Chinese have no problem at all in living with contradictions. Their question is: Does it work over time?” He points to Shanghai’s’ remarkable growth as an example. “Look out the window: you see a prosperous, dynamic city that has grown tremendously in the last 20 years, and it grew primarily by ignoring the contradictions [e.g., the poor shanty hutongs/alleys that exist next to a five star hotel or world class skyscraper] and focusing largely on economic development.” (Page 205) Simon Keely (Head of the Hewitt Asia Leadership Center, Hewitt Associates China) echoes a similar tune: “China is full of contradictions. Here we are a socialist country, but it’s one of the most competitive places on earth.” (Page 115) Well stated. Both men clearly “get” and understand this facet of China. I don’t think this means the US is not a place of contradictions, but the China hands I call friends seem to suggest that in China the contradictions are deeper and more disturbing than most places.
For more great examples of some of the contradictions in China that will mess with your mind and tug at your heart, check out following recent Wall Street Journal [subscription may be required] and NY Times articles [subscription may be required]:
January 11th, 2007
Whether you intend to or realize it or not, most of you going on this trip will one day do business in/with Asia, whether you live there or even if you stay in California.
Rarely will anyone say this openly, but there is a perception among a number of Western businesspeople (not all, of course), including the purported more open minded and “progressive” ones from California, that the Chinese “lie, cheat and steal.”
It is not my role or place tell anyone what to feel or believe. That is up to them to decide, and we all have to deal with those consequences of our beliefs (and the missed opportunities that may go with it), particularly if we are silly enough to make such a statement in public.
Before I open this can of worms, let me make clear from that outset that I am not the “source” of this perception. Nor do I believe it. I merely report what the perception by some is as I have heard it over and over from a number of people. So don’t shoot the messenger. At first blush it seems to me that such a statement or belief, is off-base, it shows a lack of life and business experience, a lack of critical thinking skills, the inability to determine good data from bad, is an over-generalization, etc. I hope we can all agree on that. Moreover, God knows that I have certainly seen my fair share of Americans who “lie, cheat, and steal”. No country or ethnic group in the world has the monopoly on this, in my view.
Having said the above, one of the things that surprised me with respect to last year’s MBA trip to China is that I think a few students (not all) appear to have returned from China with “some” impression that “you can’t trust the Chinese; they lie, cheat and steal”. When I saw this, I realized that as a professor and college we had missed the mark in some of the pre-trip planning and even during the trip itself by not giving students several “lenses” from which they might analyze and think about this issue before they jumped to such a conclusion. (I am also not sure how one can reach such a conclusion after spending only three weeks in any country.)
So, to that end, check out the following recent posts on this very topic: one from the Useless Tree blog (here) and one from the China Hearsay blog (here). Also check out this 20 minute audio cast on the Chinese mindset from Janet Carmosky, a graduate of Wharton and President of China Prospects, Inc. I enjoyed reading these posts and in particular their discussion threads, and listening to this audio. I learned something new, and I have thought a lot about this issue the past few years.
Any conversation about culture often gets heated (nothing wrong with that), and these posts are no different but the comments do show how complex this issue is to look at and analyze. This information and input from these various people will help better prepare you for what you will see in China.
And after you read these posts, come back here and discuss what these posts and their discussion threads teach you about Asia, China, culture and how it is shaped and perceived, our upcoming trip, and yourself?
And what, in a society, shapes “culture” and business conduct? For example, does the standard of living in a country lead to its culture, or does culture lead to a countries standard of living? (Economic scholars have some interesting things to say about this question; e.g., here is a recent SSRN paper of possible interest you can download for free (”Does Culture Affect Economic Outcomes?”), which relates to this discussion). See also the March 27, 2006 related discussion thread on this blog called “The Role of Women in Chinese Economic Activity“ — students had some interesting things to say on this sub-issue.
Which is more important for you and your future — to understand a culture and look at what forms the behavior at issue, or, to understand how a culture is expressed by those who practice it? Discuss and defend your position.
My experience is that the Chinese have their own sterotypes of Americans — what/how do you think they see us and our culture (in general)? How, in a business transaction, might you take advantage of their stereotypes about you, and is your doing so “lying, cheating, stealing”, just in a different form?
For example, once you see how cheaply a pair of women’s high end brand name dress shoes cost to make in China and how much they are in turn sold for by US retailers to the US consumer, let’s go for a cup of coffee and you can try to convince me that such price gouging by the US retailer … err, I mean what retailers euphemistically call their “markup”, is not “stealing” from the consumers. And yes, blah, blah, blah, I know and appreciate that we all go like sheep to slaughter and pay it, but does that make such business conduct the right thing to do? It may very well be acceptable to do, but I want you/us to at least ask that question.
(I appreciate that you will likely better be able to answer this latter question after we visit English Corner).
November 18th, 2006
Lots happening in China. Some good. Some bad.
Re: the latter, check out this article in the Wall Street Journal from a few months back (”Health Crisis: Chinese Doctors Tell Patients To Pay Upfront, or No Treatment“) [subscription may be required], and these related articles from this past week’s New York Times (”Boy’s Death at China Hospital Spurs Riot Over Care and Fees” and “China’s Muslims Awake to Nexus of Needles and Aids“) [ditto]. These articles shook me up about as much as anything I have read about China over the years (I suspect it’s largely because I now have children of my own).
The health care issue is a time bomb for China. The government has to get its hands around this issue, and sooner rather than later, or I would imagine that the social unrest in China, once and if it breaks, could be huge.
On a different note, rather than an “ah shucks, that sure is messed up and I feel bad for them” gut reaction, what opportunities do you see as MBA students trained in business, for health care consultants and providers in the US, including insurance companies, with respect to China as a possible market for their products and services? It seems to me that there are opportunities, indeed, here for such players from the West to come in and collaboratively work with the Chinese to address this mess and make a positive difference for the average Chinese citizen. What openings do you see in this regard?
Update (January 4, 2007): For a recent Wall Street Journal article that shows some hope and progress on this issue, see Hospital Caters to China’s Wealthy and Poor.
November 12th, 2006
If you are interested in hosting a viewing of this show with your classmates at your house, below please add your comment re: the when, where, what to bring, how to RSVP, etc. Let’s get these going and start to build our foundation for China!!
Please give the below issues and questions some thought as you watch the show, and, then return to this blog post to respond to at least one or two of them (or an item that stood out in your own mind about the show) as required by the syllabus.
1. One thing that struck me while watching this feature was that a number of the Chinese citizens interviewed spoke of the perceived limitless opportunities that China now offers (many of) its people (admittedly not all). Yet many Americans seem to believe that most Chinese people are in a constant state of repression. Even though you have yet to travel there, who do you agree with (at this point in time and your life) and why?
(In my own travels in China, most of the people I have met are quite proud of their country, content with their lives and optimistic about their future. I am curious what you think. See related post on this issue from the Diligence China blog.)
2. Why do the Chinese elite concur with the government’s “go-slow” reform policy of “crossing the river by feeling for stones“?
In the show, a wealthy banker talks about how this policy, first coined by Deng Xiaoping in the late 1970s and early 1980s in referring to China’s step-by-step liberalization, makes sense for China. Do you think the urban elite of China concur with this not because they feel compelled to do so by the government, but because this policy has, at least so far, served them so well?
Will China be plunged another one of its nightmares of political instability and revolution and dynasty overthrow if the current Communist government loses the tacit support of the Chinese elite (this is also why you need to read a good history on China to learn about how one thing people liked about the Communists was that they at least brought some desired stability to the country after years of turmoil, abuse and corruption by the Nationalists and most people again had food on their tables)?
3. What character/person in the show would you most like to meet and have dinner with in China, and why?
4. Though China is not yet a country that is built on the “rule of law” to the extent the US is, it appears to becoming more so each day (see, e.g., this related post from the China Law Blog), and the people are more and more turning to China’s courts to address their legal problems. These courts do not always rule fairly, but they apparently rule fairly enough for the people to generally believe in and support them. Do you agree or disagree?
5. When you see poor uneducated people in Chinese factories create the things you and I buy on the cheap at Wal-Mart, Ride Aid or Target, it may make you feel sad and/or angry and/or disillusioned. If so, how do or will you reconcile those feelings with your purchases of such products? What plans do you have to change your purchasing habits, if any? Do you help or hurt these workers by purchasing such prodcuts?
Relatedly, upon seeing these types of factories, I commonly see foreigners jump to the quick and easy conclusion that such workers are abused and/or suffering. That may be, but what additional facts, other than visiting these factories (which we will do), do you/would you need to conduct a thoughtful analysis and come to a conclusion re: where the “truth” is in this complex debate?
6. Re: the extensive environmental pollution you saw in the feature, many of my friends in China argue that the US/the West is in no position to lecture them on such an issue given what we did to the environment only a century ago when we industrialized as a nation (I even remember as a kid in the 1970s watching on television some American rivers burning, yes, that’s right, burning!, due to their heavy chemical and polluted content). How do you feel about this issue, who do you agree with, and why?
Relatedly, why is China and whether it gets issues of sustainability and wise enviromental policy right so important to all of us, the rest of the world and our respective futures? What can you do to help?
If you were a consultant working in China on such issues, what “course corrections” or American “best practices” would you recommend to the Chinese that they could realistically and politically adopt and execute? See also this related and interesting post from Thomas Barnett’s blog (this this one too) — Barnett has written some great stuff on China (what I like about him is that he is not afraid to go against the proverbial tide). He seems to truly understand world politics and he also understands how countries develop. He argues (controversially, of course) that before enviromental awareness and sophistication of a society and country can kick in, you must run the unpopular gauntlet of development and the heavy pollution that goes along with it, and that the sooner and more quickly you can move a country into developed country status (China is not yet there) the better chance you have of raising (faster) overall societal interest in environmental issues and sustainability. See also the related Stewart Brand “The Long Now” post on this blog. What are the strengths and weaknesses of his argument?
7. Per Dr. Morris’ November 3 Chinese history session with us, has the CBC, with its title of China “Rises” missed the mark in how it views and reads China (along with those book authors whose title may go along the lines of China “Wakes”).
I.e., would a more historically accurate title for this CBC show be “China Is Quickly Moving Back To Where It Sees Its Proper Place In The World”?
October 26th, 2006
Check out this great post on wine in China from the ChinaLawBlog, including this recent “Part II” post. Given that we live and work in the middle of California wine country, the following are some of the questions raised by this post that relate to our trip:
1. Why, and you will see this when we are in China, do you see so much French and Australian (grape) wine in places like Carre Fours, local wine shops and restaurants in China, and such a small California wine presence (including by the Napa wineries)?
2. What opportunities are presented by the Chinese market for California wineries, and what might they do to better meet the needs of that market in the future?
3. If wineries in China are starting to take off per the articles in the ChinaLawBlog post, is there an uptapped market in the US for Chinese wine (e.g., isn’t there a business opportunity for someone who can sell Chinese wine to Chinese restaurants in the US)?
October 15th, 2006
As I noted in an earlier post a good friend recently turned me on to The Long Now Foundation which hopes to provide a counterpoint to today’s “faster/cheaper” mind set and promote “slower/better” thinking. Last week it offered free seminar in San Francisco by Orville Schell, Dean of the Graduate School of Journalism at UC Berkeley titled, ”China Thinks Long-Term, But Can It Re-Learn To Act Long-Term?.” I was not able to attend, but my friend was. I am excited to listen to the actual pod cast once they post it (November 1 edit: it has now been posted!). Below is the synopsis of his presentation that my friend emailed to me.
“China is the most unresolved nation of consequence in the world,” Orville Schell began. It is defined by its massive contradictions. And by its massiveness — China’s population is estimated to be 1.25 to 1.3 billion; the margin of error in the estimate is greater than the population of France. It has 160 cities with a population over one million (the US has 49). It has the world’s largest standing army. No society in the world has more millennia in its history, and for most of that history China looked back. Then in the 20th century the old dynastic cycles were replaced by one social cancellation after another until 1949, when Mao set the country toward the vast futuristic vision of Communism. That “mad experiment” ended with Deng Xiaoping’s effective counter-revolution in the 1980s, which unleashed a new totalistic belief, this time in the market.So what you have now is a society sick of grand visions, in search of another way to be, focussed on the very near term.These days you cannot think usefully about China and its potential futures without holding in your mind two utterly contradictory views of what is happening there. On the one hand, a robust and awesomely growing China; on the other hand a brittle China, parts of it truly hellish.
ROBUST CHINA:
- Peaceful borders in all directions
- Economic, non-threatening engagement with the entire world, including with societies the US refuses to deal with
- 200 million Chinese raised out of poverty
- Private savings rate of 40 percent (it’s 1 percent in the US)
- 300 million people with cell phones, and the best cell phone service in the world
- A superb freeway system built almost overnight
- New building construction everywhere, and some of it is brilliant
- 150 million people online
- 350,000 engineering graduates a year
- One-third of the world’s direct investment
- Huge trade surplus
- And an economic growth rate of 9 to 12 percent a year! For decades.
but also…
BRITTLE CHINA:
- Not much arable land, so a growing dependence on imported food
- Two-thirds of energy production is from dirty coal, by dirty methods, growing at the rate of 1-2 new coal-fired plants per week
- 30 percent of China has acid rain; 75 percent of lakes are polluted and rivers are polluted or pumped dry
- Of the 20 most polluted cities in the world, 16 are in China; you don’t see the sun any more
- Some industrial parts of China are barren, hellish wastes
- Driven by environmental horrors and by widespread corruption, there were 87,000 instances of social unrest last year, going up every year
- The population is aging rapidly, with no pension or welfare, and a broken healthcare system
- The stock markets are grossly manipulated
- Public and official amnesia about historical legacies such as Tiananmen Square in 1989
How can such contradictions be reconciled? The best everyone can hope for is steady piecemeal change. For the Chinese the contradictions don’t really bite so long as they have continued economic growth to focus on and to absorb some of the problems. But what happens when there’s a break in that growth? It could come from inside China or from outside (such as a disruption in the US economy).
It’s hard to look at the China boom now without thinking about the Japan boom in the 1970s and ’80s, remembering how everyone knew the Japanese were going dominate the US and world economy, and we all had to study Japanese methods to learn how to compete. Then that went away, and it hasn’t come back.
The leadership of China is highly aware of the environmental problems and is enlightened and ambitious about green solutions, but that attitude does not yet extend beyond the leadership, and until it does, not much can happen.
That’s China: huge, consequential for everybody, and profoundly unresolved.
–Stewart Brand
September 23rd, 2006
David Cross, one of the students who participated in last year’s China trip, sent me the following flash presentation found on the Goldman Sachs website (see upper right hand corner and then click on “The BRICs Dream: Web Tour.” I thought it was well done. Clearly, the folks at Goldman “get” the importance of the global economy. FYI, “BRICs” stands for Brazil, Russia, India and China. You will need Adobe, Flash or Player to watch the flash presentation. It would be great if we could do a trip that visits all four countries, although to do so would likely be cost and time prohibitive!
September 10th, 2006
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