Investment Opportunities in Emerging Markets

Scott Phillips

Competition leads to innovation, innovation leads to progress, and progress leads to wealth. We should hasten to acknowledge that wealth can be measured in numerous forms, extending beyond the financial manifestations. Heavy competition, innovation, and progress are the key ingredients of the Chinese economic miracle, not the cheap labor that some pundits cite. Cheap labor can take a nation only so far before it ceases to step forward any further. The truth is that China’s adoption of freer market principles unleashed a wave of competition as its people took advantage of the opportunity to improve their lives after decades of oppression. The country is teeming with entrepreneurs. China ...