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May 1st, 2007
The truth about China
Despite this Popkin is optimistic, as there are a number of factors that have helped the U.S. economy survive these economic tsunamis.
"We go toward the higher value-added," Popkin said. Take steel, for example. China, Korea, and Japan are now major steel producers, but we own the specialty steel market that uses exotic mixtures of metals and chemicals. The U.S. has also pioneered new industries such as biotech and nanotech.
Not only that, but our population keeps growing, creating domestic demand, and we maintain an entrepreneurial spirit, which is in turn financed by venture capitalists.
According to Popkin, the U.S. has the capital markets and infrastructure to remain competitive in IT -- with the infrastructure being the Silicon Valleys that dot the map and become hotbeds for new ideas.
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