Rx for Global Poverty:WashPost,May28,08 p.A13

Growth and Development including two Nobel-prize winning economists including China,Hong Kong as panel members. They identified five common elements of success.

1. Openness to global trade and, usually, an eagerness to attract foreign investment. It is known that China is a typical quintessence for reducing poverty.
2. Political stability and capable governments committed to economic growth. China is hereby cited as the host of Olympics in Beijing 2008.
3. High rates of saving and investment, usually 25% of national income. Lifestyle of the folks with Asian tradition and cultural heritage as a case in point such as Japan,Korea and China under the influence of Confucianism.
4. Economic stability,keeping government budgets and inflation under control and avoiding a broad collapse in production. Enormous cost of wars would disrupt economic stability as pointed by leading American economists cited the book entitled:. Three Trillion Dollar Meltdown et al.
5. A willingness to let markets allocate resources. China has been under the market system after reforms as empirical evidence.

Globalization has moral as well as economic and political dimensions. Adam Smith was a professor of moral philosophy and Confucianism stressed political economy with the maxim of ethics for dedication of public interest to be concerned for wellbeing of the ordinary people as democracy in action. Here is the underpinning of Sino-American Economics in the 21st century as I would envision as a student of economics. May 30, 2008.