For years, the banking industry was not only seen as an important business, but one that was almost single-handedly responsible for generating wealth for the country’s economy.
But after the banks went though a little trouble, and were all but bailed out by the government, many of those in power realised that the banking industry itself could no longer be the salvation of the country’s economic future.
So they turned their attention to other industries that they felt might form a more stable basis for an economic renaissance, wholeheartedly backing moves to support those folks in the manufacturing industries − citing these businesses as the new saviour of the country’s financial future.
It certainly sounded to Joe Public as if the shift in priorities was the way forward. After all, for far too long, too many eggs had been kept in one basket and now that it appeared that a lot of them were more that a little cracked, it was obviously time to restock the hamper with a more hardy variety.
But the economic issues that actually needed to be addressed were far broader and more complex in nature − a fact that only a few of the folks in the government seemed aware of.
Those government advisors in the know had visited the Far East and, as unfazed as they were to witness first hand the massive investment in manufacturing that had been made there, many of them were stunned to see the investment being made into a plethora of other businesses too.
It was obvious that these countries were not content to rest on their manufacturing laurels − they were also putting long-term infrastructure projects in place that would ensure that their countries’ power, transport and communications systems would meet the needs of their increasingly wealthy populations of the next 50 years.
And while some of those projects might, by themselves, have been the envy of the Western World, that wasn’t the whole of the investment picture. No, it appeared as if the Far Eastern governments were also intent on ensuring that their citizens would compete as intellectual equals on the world stage.
Key to realising that aim, the governments there were also making a sizeable investment to raising educational standards – a move that would ensure that future generations could and would play fundamental roles at all levels in their key industries – in the manufacturing, construction and services sections, as well as even the much maligned banking sector.
What was perhaps most interesting is that the folks running those countries made no value judgement as to the importance of one of their industries over any other. It seemed as if the success of all the businesses were of equal importance to ensuring the economic success of the country over the long haul.
It’s an observation that some of the Western government advisers that visited those countries made a careful mental note of before returning home. How they apply their newfound knowledge, however, still remains to be seen.
All the best,
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