"Intel's Andy Grove is more blunt. "America ... [is going] down the
tubes," he says, "and the worst part is nobody knows it. They're all in
denial, patting themselves on the back, as the Titanic heads for the
iceberg full speed ahead."
"China and India are different from all previous competition because
their sheer size—2.3 billion people!—means that they have an almost
limitless supply of low-skilled labor on the one hand and a fairly
large group of highly skilled workers on the other, both extremely
cheap by Western standards. No worker from a rich country will ever be
able to equal the energy and ambition of people making $5 a day and
trying desperately to move out of poverty."
An interesting and thought provoking read:
How Long Will America Lead the World? by Fareed Zakaria for Newsweek. Makes you realise why all the Sunday Papers have full page adverts about
investing in portfolios in China or India.