Where East beats West

"Never has the world seen the simultaneous, sustained takeoffs of two nations that together account for one-third of the planet's population.... China and India graduate a combined half a million engineers and scientists a year, vs. 60,000 in the U.S. In life sciences, projects the McKinsey Global Institute, the total number of young researchers in both nations will rise by 35%, to 1.6 million by 2008. The U.S. supply will drop by 11%, to 760,000.... How these Asian giants integrate with the rest of the world will largely shape the 21st-century global economy." http://www.businessweek.com/magazine/content/05_34/b3948401.htm

And "China is not the main cause of the American trade deficit. On the other hand, China is behind almost everything else going on in the world economy."

http://www.economist.com/displaystory.cfm?story_id=4221685