China's first integration with the West in the late 1500s and early 1600s looked an awful lot like China's second integration with the West between 1980 and 2010. Both resulted in massive opportunities for arbitrage from the connecting of two previously isolated economies. Both resulted in massive profits for Western traders and Chinese merchants. And both petered out once the Chinese economy was fully inflated by Western money.
When people talk about “the next big thing,” they’re never thinking big enough. It’s not a lack of imagination; it’s a lack of observation. I’ve maintained that the future is always within sight, and you don’t need to imagine what’s already there. Case in point: The buzz surrounding the Internet of Things. What’s the buzz?…
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