TLDR:
Research and development has traditionally been concentrated in Western countries, particularly the US, potentially hindering productivity growth elsewhere. The rise of venture capitalism in China has led to a new hub for innovation and entrepreneurship with global benefits. Chinese firms began to tackle problems historically not focused on by US entrepreneurs, leading to a broader focus of technology globally.
Entrepreneurship traditionally concentrated in wealthy nations
Rise of venture capitalism in China leading to global benefits
Research and development has been traditionally concentrated in Western countries, particularly in the US, potentially leading to hindering productivity growth elsewhere. The rise of venture capitalism in China has shifted the focus of innovation and entrepreneurship to a new hub, leading to broader global benefits. Chinese firms started tackling problems not historically focused on by US entrepreneurs, introducing new ideas that were quickly adopted in developing countries like India, leading to a rise in business development globally.
