THE KILLING FIELDS MOVIE TRAILER PAGE - Videodetective.com

THE KILLING FIELDS MOVIE TRAILER PAGE - Videodetective.com

Myths about MBAs

MYTH about MBA's Traditional MBA, which gives the impression of turning young people into managers is very dysfuctional. Rather B-Schools should concentrate on the business function and not teach any management. People learn management by focussing on their own experience and learning from it. Traditional MBA gives the impression that anybody can manage if he has received the education. This is incorrect. Schools are driven by a strategy developed in the 50's , which is based on business functions and rooted in the disciplines of economics,psychology with a heavy emphasis on research.Hence mixing business and management function is wrong. The credibility of the above arguemt is further buttresed by a forthcoming article to be published posthumously in the Academy of Management Learning and education, Sumantra Ghoshal argues that many of the worst excesses of recent management practices have their roots in aset of ideas that have emerged from B-school academics over the past 30 years. He believed that a desire of B-Schools to make the study of business a science, "a kind of Physics" has led them increasingly to base their management theories on some of the most dismal assumptions and techniques developed by economists , particularly by the " Chicago School" and its intellectual leader Milton Friedman" (whose monetarism I unabashedly champion). These include include supposedly simplistic models of individual human behavior( rational, self-interested,utility maximising and the notion that the firm should maximize the shareholder value). These assumptions, in this view, were badly flawed. But they were simple enough to allure B-school academics to develop grand theories of management supported by elegant mathematical models and empirical analyses that appeared scientific, and thus earned their subject academic respectability, but were, in fact, a pretence of knowledge where there was none. He was particularly critical of Management theories associated with two prominent HBS professors, whose development of 'agency theory' has encouraged B-Schools to teach students and managers cannot be trusted to do their job, and Michael Porter, whose 'five forces framework' has been presented to suggest that companies must compete not only with their competitors but also with their suppliers, customers, enployees and regulators. A particularly worrying feature of these theories , he feels, is that they have no role for human intentionality or choice. Hence students have been freed "from any sense of moral responsibility".

A Grim Energy Scenario

The world has to acknowledge the fact that there is a fundamental supply-demand imbalance for oil in the world economy. Worldwide production just about equals demand with no spare capacity for unforseen disruptions in the form of sabotage or shutdowns. I,for one, never believed in cartels, but the present spikes in the price of oil is a result of a demand driven one unlike the earlier ones, which were supply led crises due to political crises and resultant wars in 1973,1979/1980 and 1991. World economic growth is slow but steady, but demand is galloping at a fast pace in China, India and the Asian region in general, as it is well know by now that Asia will be the main flavor of growth in the near future. The earlier oil shocks in the 70's, though politically induced and thus supply driven, did induce the western world in particular to go in for unprecedented conservation measures with the result that the energy intensity i.e the energy required for a unit of GNP fell drastically throughout the 70's and 80's. This coupled with new discoveries in North Sea, Mexico and Alaska's Prudhoe Bay broke the stranglehold of the OPEC in world oil supplies and send prices into a tailspin in the mid 80's with oil touching a new low of $9 in 1986.This soft price regime, which continued till 1998... although with a brief intergennum in 1991...did lull the world into complacency, with the result this there was no incentive to scout for new energy supplies at a price below $ 20 a barrel. It is a moot point whether the low oil prices fired energy eficient growth throughout the 80's like it fired energy intensive growth in the 60's and early 70's. The analogy may not be apt. Another irony of the present rise in the price of oil is the absence of any inflation and induced recession like in the earlier ones. The situation can be easily explained away by the fact that after adjusting for inflation the price today is lower today than it was in the 70's. Another reason being proffered is the huge trade and budget deficts of the U.S have soaked the world with enough liquidity to enable it to pay for more oil and keep growing.The actual culprit-rampant U.S fiscal profligacy. The million dollar question is-: at what price will the price of oil induce a global recession. Many , even I, feel that nothing short of a recession in the U.S is likely to soften the oil prices and talk of a price level, with many pundits prognosticating at about $ 70-80, does not cut much ice. updated on 12/7/2008 The present runup in the price of oil defies any credible or rational explanation.Many economic seers are at a loss of words at the near doubling of oil prices when demand supply dynamics are just about even, and pass it off as risk premium or attribute it to a falling dollar or ,ironically to a substantial increase in demand from fast developing economies like India and China.There is no doubt that the US accounts for a about a quarter of the world oil consumption and that share is steadily falling. The massive conservation efforts under way in many oil importing countries may have the desired effect and oil willdefinitely fall to below $100 per barrel.But the moot point is - Will the world again be lulled into a sense of complcency as it did in the eightees when the price of crude fell from around $30 to around $9 - $10in 1986, and all the conservation and substitution efforts then underway, were jettisoned for cheap oil.I feel the oil importing countries should resolve to keep the import price of oil above $90 a barrel through import tarrifs whenever the price falls below a particular level, as the massive thrust towards conservation and efficiency and the quest for alternative sources like sand tar and shale and coal liquefication, such high prices spur , remains undiminshed. The World has to get used a higher base price of oil. All in all there is no alterantive to finding alternate sources of energy,be it fuel cells to power the automobiles which had been running on fossil fuels since the FORD Model T or any other host of bio fuels for which research is going on.

Hypocrisy of the Left

The Indian left never ceases to amaze me at the hypocrisy they practice in the context of their role in a parliamentary democracy. Apart from clinging to old Stalinist dogmas and their opposition to any reformist move, which they pursue however grudgingly in West Bengal, not once did they come out strongly against corruption, bad governance/administration and despotic offcials at he lower rung with whom the masses (whose causes they champion) silently suffer..especially the poor and marginalized. Their penchant for tyrants from the cow belt who epitomised the decay of the Northern part of India into anarchy and miasma, further diminishes the image of the Left in the eyes of many right thinking persons- not necessarily intellectuals. What is baffling is their lack of a credible explanation for any rational economic decisions.They get away with vague Marxist jargons which many people see through, but are at a loss of words to express their outrage. Just by having a strong base in two states they straddle the high economic ground in the Centre by opposing every good, sane and rational economic decision- decisions which have the potential to create lakhs of jobs, provide better servies to the people etc and ameliorate the lot of the people in general. Many people are gradually veering round the view that....unknown to the Left itself- that the Left is anti development. That they do not want the country to prosper and develop and they want the people to suffer under an oppressive and despotic bureaucracy..for whom they have an especially soft corner, as the govt servants/large bureaucracy stand for statism in every aspect of life. Their opposition to the privatization of Mumbai and Delhi airports has no economic rationale.Their sniping at Mr. Praful Patel with the help of a few disgruntled Congressmen should be exposed. The alternate plan of using AAI funds to fund any expansion is a colossal loss of public money as it is a well knowm fact that the given the inefficency and wastage of govt projects ( exception being the Delhi Metro since the funding is external) much of the taxpayers money will go down the drain. Who will be answerable for the loss...Will the hyprcritical Left explain. Similarly, I agree that the sale of the Juhu Centaur hotel did not fetch an optimum market price as its subsequent sale has shown. But it in no way can crucify and castigate a man of such umimpeachable integrity as Mr. Arun Shourie, who did his homework with help of sound financial advice and arrived at a reserve price based on certain financial parameters. The Left is clamoring for a CBI probe into the POTENTIAL LOSS of Rs 60 crore to the exchequer. Will the left also order a CBI probe into the POTENTIAL RETURN of about thousands of crores from lakhs of crores sunk into a bottomless pit called the PUBLIC SECTOR for close to 45 years since independence. How a highly ineffcient public sector with it's high ICOR (incremental capital output ratio) acted as a drag on the economy inspite of creating a large organized sector exployment ( a LABOUR ARISTOCRACY AT THE EXPENSE OF THE TOILING MASSES) and it coninues to act as a drag even today and results in a POTENTIAL GDP loss of about 1.5 % thus preventing from attaining an 8% growth. Apart from all this the corruption, inefficeincy sloth and a system of patronage this system has spawned is all for here to see and cannot in any way be quantified let alone probed. Mind you this Public sector also includes ITDC and Hotel Corp of India, two areas where the Govt has no business to be in. It is high time the people call the Left's bluff and revolt in the streets. This is what a people's revolution is all about...freedom from irrational economic dogma from a failed ideology whose practioners in its purest form still rule over the hermit kingdom of North Korea. The Chinese, as a result of their Confucian streak in them. have offered a more sanitized version of Marxism though one devoid of freedom. Can the Indian Left come out with something different. . SILENCE OF THE LEFT (In 1991 vs their barking of today) If one goes back in time to circa 1991 when a nation still reeling from the shock of the Rajiv Gandhi assassination and a minority Congress Govt. under a lacklustre Shri. P.V.Narasimha Rao taking over from the remnants of a failed Mandalized Janata Dal experiment , few would have ruminated about the 'historic blunder' the Left had committed by their 'SILENCE' and almost feeble protest to the Big bang reforms being carried out in quick succesion in that summer of 1991.The reforms that year were so far reaching and comprehensive that it signified the final break from Nehruvian socialism as the nation had known for the past 4 decades, and only an economic crisis of the magnitude could have compelled such an action, if not ideological conviction. The Left which lent support to the minority Govt. from outside simply watched from the sidelines and did not do anything much to sabotage it by ranting and threatening to withdraw support like they do today at every rational economic announcement from the present govt of Dr. Manmohan Singh. What explained their silence then, to the 'anti people', neo liberal policies which were so blasphemous,despicable and anathema to their working class ideology. I think the explanation lies in a Shell Shocked left stll reeling from the shock of the fall of the Berlin wall in 1989 followed by the collapse of eastern Europe and which was preceeded by the ousting of the Russians from Afghanistan by the Mujahideen.This was followed by the failed coup against Gorbachev in July 1991 and its subsequent defiance by a maverick Boris Yelstin waving defiantly atop a tank, followed by the collapse of the Soviet Union, proved to be the final straw. The prophecy of George Keenan that 'communism contains within it the seeds of its own destruction' came true and a weary Left did not have much of an ideological ammunition to oppose unpalatable policies.

WHERE ARE THE ANTI WAR PROTESTORS OF THE SIXTIES AND FIGURES LIKE CHE GUAVERA, JIMI HENDRIX AND EVENTS LIKE WOODSTOCK.

Not so long ago, in a different era, a different world...an idealistic world, only disturbed by cold war tensions, the war in Vietnam war started escalating and raging, in the angry decade of the sixties. The analogy between then and now cannot be more stark or contrasting. The US misadventure in Vietnam can comparitively be classified as a noble' mission in comparision to today's naked aggression in post cold war IRAQ in a UNIPOLAR WORLD, and too on the ostensible pretext of finding WMDs. In contrast their 'involvement' in Vietnam started off during the cold war under the guise of militray advisors sent to protect their ally. South Vietnam was then facing an insurgency from am increasing belligerent Communist North , armed to the teeth and fully aided and abetted by a Soviet Union hell bent on expansionism driven by Marxist-Leninist ideology. The US found itself increasing isolated in defending an ally with 500000 US troops deployed 10000 miles away during the peak of the war. With increasing casualties, which touched 50000, and an increasing restive Congress and a divided nation with domestic protests at home fuelled by an idealstic 'flower' generation whose icon was Che Guavera , a hamstrung and debilitated president was forced to sign the Paris peace accords in 1972, which paved the way for the withdrawal of US troops and which in turn eventually 'facilitated' the takeover of the South by the North. In contrast , today's aggression in IRAQ, which has no justification at all, as no amount of subterfuge can justify it, and hardly evokes any protests of the kind witnessed in the swinging sixties.The non- chalance of today's mercenary generation is in sharp contrast to the idealistic sixties generation, what with their LSD, Woodstock, dope free sex..etc etc. The world is so different now.

Fallout of the COLLAPSE of Merill and Lynch and Lehman. Francis Fukyama might be eating his own own words about the end of History , as the present financial meltdown as a result of the subprime crisis ,has resurrected the role of the Govt. as the lender of the last resort. Before we get into the futile debate about the role of derivatives and other financial instruments in engendering this crisis, it was always my contention that laissez faire , a euphemism for unbridled Capitalism,does have its own pitfalls, what with its faster wealth creation , albeit with large disparities. It is too farfetched to make comparisons with the events of 1929 (as bete noires of the presently besides themselves with glee) but a market economy is always tested for its resilience to bounce back given the nature of business cycles, as it did after the Asian financial crisis of 1997,the failure of LTCM, collapse of World Com, Enron, and the Dot Com crash of 2001 etc. One disquieting feature of the present meltdown is that no one has a clue as to the extent of the malaise, and many seem to be watching with bated breath as events unravel. This confusion is a result of the opacity of the derivatives market which has now become the subject of morbid jokes about how the security holders themselves being ignorant about these exotic risk management instruments. One way out to mitigate the effects of these buisness cycles is to put systems in place to check irrational exuberance ,which entities and individuals are prone to, when the going is good ,.i.e strengthening the regulatory framework, which may not necessarily be another Sarbanes Oxley law for the financial markets and investment banks. There is nothing which can be done to rein in rogue elements like Mike Milliken,Ivan Boesky, Nick Leeson who are motivated by pure unadulterated greed. I was inspired by Arun Maira's writings , who, as Chairman of the Boston Consulting Group, highlighted the eventual evolution of Capitalism into a middle path wherein the focus is more on the Corporate Social Responsibility part , rather than focussing entirely on TQM or the bottomline. The after effects and its introspection. The present meltdown should have a sobering effect on the I-bankers who over leverged themselves starting with the $27 billion leverged buyout of RJ Reynolds by KKR, which marked the beginning of brazen greed on Wall Street and glamourization of LBOs and which was captured in the book 'Barbarians at the Gate'. Wall Street high finance entered a new aggressive phase from then on and the value of the such M& A's increased exponentially over the decade and terms like,hostile takeovers,poison pill, white knight , breaking up the company, hiving off unprofitable divisions became the lingua franca in Wall Street and I banking acquired a sexy image compared to staid and stodgy conventional banking. Privatization of profits and nationalization of losses is the latest sneer among tax payers who will be picking up the estimated $700 billion -1 trillion tab. This is not the first instance of State intervention in the bastion of Capitalism post 1929. It started with $ 1 billion federal guaranteed loan to Chrysler , teethering on the brink of bankruptcy in 1978, by a Democratic Administration and this action was critisised by the rival Republican challenger ,Ronald Reagan, during the 1980 presidential Campaign.It is another story that Lee Iacocca, who engineered the remarkable turnaround after being fired from Ford Motors went on to become an iconic business legend. All these throw up a larger question on the present set of values set by a few oligarchs from the blue blooded Business Schools, who through a clever world of networked contacts, keep alive this system of 12 hour workdays ,unjustifiably high starting salaries, mind boggling seven figure performance bonuses which are largely dispropotionate to the 'value addition' in the outrageously expensive B-Schools, which literally preclude raw intelligence and keeps out a large section of the masses from its hallowed portals through its formidable fee structure. Many are not aware how subtly they are being manipulated by the present oligarchical system, for whose glamourisation, the mainstream respected business journals are no less responsible. Why the recovery wont be as swift as the 1983 recovery.

The present slowdown/meltdown cannot be classified as a classical recesion or the trough of a business cycle in the conventional sense, as the previous recessions took place during high inflationary times and the last three ones( except the 2001 dot com burst) coincided with oil shocks and high commodity prices.The meltdown came about as a result of binging on cheap credit amidst an unprecedented flood of liquidity,and was triggered by the greed and recklessness of the financial system ,which like a rising tide ,lifted all boats.Now since the party is over with the bubble bursting, as result of the global imbalances , which in turn had to be addressed for the successful conclusion of the Doha round of WTO talks. These global imbalances,which were a result of undervalued currencies, as a result of the manipulation of exchange rates mainly by China, to flood the world with cheap imports and use the ensuing buildup of reserves to fund the gargantuan needs of the huge trade and budget deficits in the US, thus keeping interest rates low and keep the consumption juggernaut going. This symbiotic relationship suited everyone fine, and little heed was paid to clarion calls to addrsss this issue which was building up as a bubble.The swing from politically induced supply side policies in the US and Great Britain to crass Keynesianism, along with the crash in commodity prices, all within a space of months, and fighting the subsequent defaltionary pressures is simply breathtaking. The extent of the leverage and the disaster it has wrought, alongwith the ensuing malaise can be gauged from the speed of the spread of the contagion globally ,and subsequent crash in commodidy prices within a span of a month , alongwith the unprecedented coordinated global response to infuse liquidity.This not having the desired effect , and ,instead the world is heading for a global deflationary spiral amid zero interest rates and widening credit spreads,similar to what Japan experienced in 1989. This coordinated global response did however stave off a major collapse or catastrophe of the financial system, but it is high time they brace themselves for a debasement of their currencies as these efforts at near zero Interest rates and monetisation of their deficits, can have adverse consequences. The collapse of the stock markets alongwith the trillions wiped out in pension funds will ensure that Americans will cut down their consumption and drastically deleverage themselves and start saving like their European brethren, as many are having an uncanny feeling that that their social security and pension system is under threat due the meltdown in the stock markets and no amount of federal intervention is going to change the fundamental reality. It is high time for global decoupling amid this global deleverging, and the rest of the world ,sans the US and Europe, starts growing faster and increase their share of world GDP and consumption, so that in future ,nations can be insulated from the 'cold' effect of a nation which accounts for 24% of the world GDP , and avoid catching a 'pnemonia' by reducing dependence on it gradually. Since 'The World is Flat', as per Thomas Friedman,the slack from this slowdown will be filled by the developing nations, as the level playing field and the competitive advantage of nations is a bit levelled after globalisation and epochal change in communications like the the Interent, unlike in 1982-83.

One year after Black September into the post Lehman World

In hindsight, if one introspects on the events of Black Septemeber, it all seemed like an extraordinary response to an extraordinary situation, as the extent of the globally coordinated bailout and rescue packages in the form of fiscal and monetary measures and direct injection of money , was truly unprecedented. So was the morphing of the G-7 into the G -20 during that turbulent period and the importance of China as an economic power so much so that when Shanghai composite sneezes, NYSE catches a cold.Hence it is all the more imperitive to not only correct the global imbalances , but to eventually decouple global growth from the US and Europe centric approach.What outline the new financial landscape which emerges from the detritus will have , and what kind of new financial architecture will govern the new drastically deleverged financial sector, is a matter of conjecture. Most of the developed nations, with the US the most, ran up enormous deficits in the process of freeing up frozen credit markets and injected vast amounts of liquidity into the system in a desperate bid to avoid a total collapse of the system and fight off deflation. For once, this process, though untested, seemed to work and frozen credit markets have thawed a bit , but to get the confidence back to the earlier levels , will anyway take time as the extent of the malaise was too deep and built up over a long period of time.The genesis of the problem was a result of global imbalances in the form of US China trade between builidng up to unsustainable levels, of which the explosion of the crisis culminating in the collapse of Lehman was only a symptom of a larger problem. Now, these measures seem to have averted a total collapse so much so that the arrest of the fall from the edge of a precipice was treated with a sigh of relief, and economists seem to be looking at every bit of positive news in the form of 'green shoots' to bolster sagging confidence in the system. The case for decoupling is all the more imperitive now than ever before as the effects of the stimulus packages have had varied impacts worldwide. The US continues to be struck in a deflationary mode inspite of having near zero interest rates and extraordinary amounts of liquidity sloshing around looking for a place to park. ( the replacement of the yen carry trade with the dollar carry trade is a testimony to this). The explanation that the US has a 5% of GDP in overcapacity in the economy precludes any risk of inflation for the next two to three years,and hence any growth. Any economist worth his salt will testify to the fact that , it is impossible to accommodate growth without igniting inflation which India and China are already experiencing as a result of the 'let public finances be damned' approach to the crisis. For the US it is is between the devil and deep sea, if at all growth (which feels like growth happens anytime soon. And if it happens, will it risk snuffing it out by increasing the interest rates, as the economy still appears very vulnerable. I feel the Fed will persist with the near zero interest rate for some time to come as they have no other option.

Myth about  India's demographic dividend.
Mainstream economists cant stop ranting about the huge market potential and the possible labour supply pool China and India ,with their 1 billion plus populace represent. Not much thought has been given on the rapacious demands on an already fragile ecosystem and large scale ecological and environmental degradation they will wreak, not to mention the enormous demand on natural resources needed to sustain an increased standard of living for their restive people.
Seeing the rapid development in China, I am of the opinion that for freakish demographic disasters like India and china with each having over 1.2 billion people ( fortuitously the next biggest is the US with about 300 million) , a benevolent dictatorship does wonders to the well being of its vast populace through a rapid transformation in the standard of living, in contrast to a feudal,oligarchical, semi literate democracy combined with a despotic leadership at the state and local level and a callous bureaucracy on the other hand and one of the most venal administrative setup in the third world as per transparency International.
No other nation in the world has such stark disparities as in India inspite of following a 'socialist' model of development for 40 years till 1991, and the word ' socialist' stubbornly  inserted into the Preamble of the constitution somewhere midway .I do not subscribe to the BRIC reports prepared by Goldman Sachs (essentially a hedge fund masquerading as an investment bank) prepared in the steel and glass towers of Manhattan, which made a virtue out of India's vast illiterate 'working age' population of over a billion plus, projecting it as a demographic dividend and supplier to the world's labour pool already battered by a meltdown.The reality in India , which many are loathe to admit, (as some seem to bask in the glory these reports generate) is that out of a population of around 1.2 billion , and the startling statistic that about 70 crore Indians still defecate in the open, is a testimony to the fact that only about 10% can be classified as worthy of leading a life worthy of human existence even by East Asian standards and the vast majority,sadly, lead a subhuman existence. And only around 20% can be classified as literate , where in the definition of literacy should encompass awareness of ones rights and basic understanding of polity and society , not just functional literacy where knowledge of alphabets and ability to sign is classified as literate as per Government census.With the state education schooling system,virtually non existent, I wonder how India will be able to provide trained manpower to the 'millions of jobs to be created in the future'.Lets face it , inspite of the reported 9-10% rate of growth, pockets of affluence will coexist along with large scale destitution given the venal admisistrative setup, and the vast majority of the productive population , will take a few generations to lift out of this destitution they are trapped in due to the demographic disaster in South Asia , in which India and China are the only 2 nations in the world with a billion plus people. As Mahatma Gandhi had stated, "There are enough resources in the planet for everyone's need ..but not for everyone's greed'. With the present land mass and the resources India has, even with a 10% rate of growth, there is no way in which India's vast multitudes will lift themselves out the morass they are in. A billion plus population is always a curse.. never an asset as it is being made out to be.A clever combination of a feudal setup and an entrenched caste system , ensured that the status quo of stark disaprities remain. Any other nation with a similar setup, would have been ripe for revolution way back.China with its dictatorial policy, and the legacy of the Iron Bowl and almost full literacy left behind by Mao in 1976, ensured an more equitable deal for its people.

OUTSOURCING- The REAL TRUTH

Manufacturing accounted for about 15% of the GDP of most western nations and the benefits of outsourcing of what were essentially very high paying jobs easily outweighed the the costs of temporary unemployment.And those who lost jobs in manufacturing were told that they would be able to upgrade to jobs in the service sector which accounts for a whoping 70% of the GDP; after all a total of 15 million manufacturing jobs were shifted to China since 1979 from the U.S and 8 million from Europe. After a lag of about a decade the promised service
sector jobs did come albeit most of it in the IT sector, and since being highly 'outsourceable' because of falling communication costs in the 1990's and the growth of the Internet, a lot of high end software and consulting jobs in the IT sector got outsourced.

World over businesses run on the maxim of lower costs and higher profits .i.e the bottomline.
It is this obsession with the bottomline growth that there is no stoppage of the growth in outsourcing. Based on this maxim which is universal irrespctive of any nation, businesses will never give up the advantage of labour arbitrage as saving on costs and increased efficiency is like the flow of water from a a higer slope to a lower one due to the force of gravity, and in stopping the flow they will only be constructing a 'dam' around themselves at their own peril.


Nobody knows what the future 'higher' productive jobs are and where they are going to come from, and what is the time lag before they actually fructify. MAny of these armchair economists do try to play Moses and lure policymakers and think tanks to the promise of more productive jobs in the future in lieu of the jobs displaced,and debunking the 'zero sum game' theory, by drawing analogies to the first 'wave' redundancies and this comparisons can in no way prognosticate the coming third 'wave' redundancies made possible because of falling
communcations costs and the Net and this in no way allays the uncertainties of people about what kind kind of work they would be able to upgrade to. I am not an Alvin Toffler and my best bet as a layman is nano technology , and it is a safe bet that it is still more than a decade
away, and even if the next 'wave' is based on this , it is no guarantee that the U.S or Europe will be the trendsetters and lead in this area. Read more about this in my next analysis on the competitive advantage of nations.

A more credible explanation lies in the theory that free markets aim to achieve equilibrium prices through equilibrium supply and demand. For today's unbalanced world economy to reach equilibrium something has to go up and something has to come down. It is clear that the standard of living in developing countries has to go up-will have to come down
in developed ones.