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Sunday, February 21, 2010

Young, educated and jobless in China

Young, educated and jobless in China - LA Times.

An estimated 3 million jobless or underemployed college graduates in China, products of a mass social experiment by central planners to churn out more professionals for China's economic development. Nicknamed the Ant Tribe, after the title of a recent book documenting their struggles, they now constitute a vast army of educated young people whose growing restlessness worries the Chinese government.

There is a limit on what state control and direction can do. My thought what China needs to do is encourage entrepreneurship and increase intellectual property. The current system favors the families and businesses that are well connected.

I just learned about the eight immortals today, who they are, and their descendants. Interesting what this says about China's economy.

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