The world is changing with really remarkable speed. If you look at the top here, you'll see that in 2025, these Goldman Sachs projections suggest that the Chinese economy will be almost the same size as the American economy. And if you look at the chart for 2050, it's projected that the Chinese economy will be twice the size of the American economy, and the Indian economy will be almost the same size as the American economy. And we should bear in mind here that these projections were drawn up before the Western financial crisis. A couple of weeks ago, I was looking at the latest projection by BNP Paribas for when China will have a larger economy than the United States. Goldman Sachs projected 2027. The post-crisis projection is 2020. That's just a decade away. China is going to change the world in two fundamental respects. First of all, it's a huge developing country with a population of billion people, which has been growing for over 30 years at around 10 percent a year. And within a decade, it will have the largest economy in the world. Never before in the modern era has the largest economy in the world been that of a developing country, rather than a developed country. Secondly, for the first time in the modern era, the dominant country in the world--which I think is what China will e -- will be not from the West and from very, very different civilizational roots. Now I know it's a widespread assumption in the West that, as countries modernize, they also Westernize. This is an illusion. It’s an assumption that modernity is a product simply of
competition, markets and technology. It is not; it is also shaped equally by history and culture. China is not like the West, and it will not e like the West. It will remain in very fundamental respects very different. Now the big question here is obviously, how do we make sense of China? How do we try to understand what China is? And the problem we have in the West at the moment by-and-large is that the conventional a
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