Modernisation need not to confined to the import of plant and equipment only. Know - how is one thing but do - how is even more important and there is no reason why can't learn to do things the others do by buying and operating plants aboard. This is what the Chinese are doing. They sent out Scouts to look over companies in the US and elsewhere which are for sale and can be picked up for a song. These are brand new companies in such sunrise sectors as electronics and not old fossils rusting in the sun. The are reported to be spending over $100 million a year on such purchases , which is fleabate. It is , of course, one thing to buy companies abroad and run them there in their kind of enviornment and quite another to run them here but there is no reason why we should not try the Chinese experiment. Modernisation means nothing unless we come out of our shell and that is precisely what the Chinese seem to be doing. Incidentally, industrial growth rate in China was nearly twice ours throughout the seventies.
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