So China just announced it is opening up its trade and (slowly) letting the Yuan float free – previously they have kept the Yuan fixed against the dollar, in part, to make exports to other countries cheap.
This, I think, is going to change China and indeed the world fundamentally.
And while China has made this progressive move, the UK coalition government is being economically Draconian? They are evidently not listening to the economic arguments from Nobel Prize winner Paul Krugman and Road From Ruin authors Bishop and Green – that now is the time to put money INTO the economy, not effectively shut it down. And as Krugman says ‘How hard is that to understand?”
The UK Con/Lib coalition government is going to announce its budget tomorrow, and I don’t think things are looking good for science, higher education in addition to the economy. Given that higher education places and the business innovation budget have already been slashed, more than likely there will be more budget cuts to these two sectors by the government.
But science research, higher education and business innovation are essential to a solvent future for the UK, so to echo Krugman..
How hard is this to understand?
The Chinese get it.
China is currently putting big money into these sectors, with a 25% rise in their science funding budget in 2009 and a 45% increase in the 2008 budget for universities.
China seems to understand that their future is in scientific research and education, presumably to create new high technolgical industries which will make them a world competitor in the future.
Maybe George Osbourne could use a trip to China, but I somehow doubt he would listen.
