Earlier this year during the Daily Journal Annual Meeting, Charles Munger explained why the Chinese economy will continue to dominate the U.S economy. Here’s an excerpt from the meeting:
I think the Chinese have behaved very very shrewdly in managing their economy, and they’ve gotten better results than we have in managing our economy.
I think that that will probably continue and sure we all love the kind of civilization we have. I’m not saying I want to live in China, I prefer the United States but, I do admire what the Chinese have done.
How can you not do it… nobody else has ever taken a big country out of poverty so fast and so long and what I see in China now just staggers me.
There are factories in China that are just absolutely full of robots and are working beautifully. They’re no longer using peasant girls to beat the brains out of our little shoe companies in America. They are joining the modern world very rapidly and they’re getting very skillful at operating.
You can watch the entire meeting here:
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