Is Innovation Now MADE IN CHINA?
Embellished products created by Western companies cannot survive a globalized market where countries like India and China create alternatives for their citizens at a fraction of the price.
What's the Latest Development?
Western products, which come with all the bells and whistles that Western consumers can afford, flop spectacularly in emerging economies where disposable incomes, while growing, remain very low. These conditions have created an innovation boom in the East. "India’s Mahindra & Mahindra sells lots of small tractors to American hobby farmers, filling John Deere with fear. China’s Haier has undercut Western competitors in a wide range of products, from air conditioners and washing machines to wine coolers." Are Western companies doomed?
What's the Big Idea?
Western companies are not doomed if they follow suit. The American electronics company Harman, for example, has enlisted Indian engineers to design an inexpensive infotainment system; GE has created a portable ultrasound device for the Chinese market that is expected to become a hit in rich and poor countries alike. Using emerging markets as an opportunity to develop products for a new global consumer, who either starts with little disposable income or is facing years of austerity, will help create a new era of non-resource heavy consumption.
Photo credit: shutterstock.com
Malcolm Gladwell teaches "Get over yourself and get to work" for Big Think Edge.
- Learn to recognize failure and know the big difference between panicking and choking.
- At Big Think Edge, Malcolm Gladwell teaches how to check your inner critic and get clear on what failure is.
- Subscribe to Big Think Edge before we launch on March 30 to get 20% off monthly and annual memberships.
Can sensitive coral reefs survive another human generation?
- Coral reefs may not be able to survive another human decade because of the environmental stress we have placed on them, says author David Wallace-Wells. He posits that without meaningful changes to policies, the trend of them dying out, even in light of recent advances, will continue.
- The World Wildlife Fund says that 60 percent of all vertebrate mammals have died since just 1970. On top of this, recent studies suggest that insect populations may have fallen by as much as 75 percent over the last few decades.
- If it were not for our oceans, the planet would probably be already several degrees warmer than it is today due to the emissions we've expelled into the atmosphere.
Yes, a coup d'état.
- Though we know today that his policies eventually ended the Great Depression, FDR's election was seen as disastrous by some.
- A group of wealthy bankers decided to take things into their own hands; they plotted a coup against FDR, hoping to install a fascist dictator in its stead.
- Ultimately, the coup was brought to light by General Smedley Butler and squashed before it could get off the ground.
Michael Dowling, Northwell Health's CEO, believes we're entering the age of smart medicine.
- The United States health care system has much room for improvement, and big tech may be laying the foundation for those improvements.
- Technological progress in medicine is coming from two fronts: medical technology and information technology.
- As information technology develops, patients will become active participants in their health care, and value-based care may become a reality.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.