No matter what President Trump says or does, this century belongs to Asia. It will be 50 per cent of the world’s economy in no time with half of the world’s middle-class customers.
The middle class has driven the growth of Europe for more than 300 years. And in America, when Henry Ford doubled his workers’ salaries so they could afford a motor car, he created the consumer momentum that made the US the economic force of the 20th century with 5 per cent of the world’s population controlling 25 per cent of the world’s economy.
But there are other places now where the catalytic forces of immigration and innovation, which established the US, are creating new opportunities.
One of them is Israel, where I have been this week. Its 8½ million people are crammed into an area about a third the size of Tasmania with no natural resources.
And while being on a constant war footing, Israel produces more start-up companies than Japan, India, Korea, Canada and Britain combined.
It should be no surprise that this tiny country has more than 10 per cent of the world’s cyber-security industry and it’s doubling every year.
Read the full article by Harold Mitchell in the Sydney Morning Herald.