Where can you get the most bang for your investment buck?
Mature industrial economies are losing about a percentage point a year in share of world GDP to the emerging markets
Byron Wien has that and some other interesting things to say in today's Financial Times about the prospects for U.S. growth. Further, he notes that U.S. is today one of the least productive places for investment:Because of profligate spending on over-priced housing and other assets that declined seriously and deficit spending by the government, by the end of the decade it took six dollars of capital to produce a dollar of growth [in the United States]...When you look abroad to assess our competitive position, the results are not encouraging. It is hard to put together comparable information, but, based on the data I could gather, Europe was still getting a dollar of growth for two dollars of investment and China was getting at least a dollar of growth for each dollar of investment.
Do with that information what you will.