Yet China's lack of originality matters less than you may think, believe Dan Breznitz and Michael Murphree of the Georgia Institute of Technology. In a new book, "Run of the Red Queen", they argue that it is wrong to equate innovation solely with the invention of breakthrough products. In an emerging economy, other forms of innovation can yield bigger dividends. One is "process innovation": the relentless improvement of factories and distribution systems. Another is "product innovation": the adaptation of existing goods to China's unique requirements.

Chungking Mansions, 36-44 Nathan Road. Tsim Sha Tsui, Kowloon, Hong Kong. "Ghetto at the Center of the World: Chungking Mansions, Hong Kong" by Gordon Mathews, Hong Kong University Press. Available at English language bookstores in Hong Kong and Amazon.com.

Low end globalization

The merger of globalization and I.T. is driving huge productivity gains, especially in recessionary times, where employers are finding it easier, cheaper and more necessary than ever to replace labor with machines, computers, robots and talented foreign workers. It used to be that only cheap foreign manual labor was easily available; now cheap foreign genius is easily available.

The 2011 Singapore General Elections was a water-shed event in Singapore's political history. Not because for the first time ever, an opposition party (the Workers' Party or WP) managed to secure a Group Representative Constituency (GRC) from the PAP. Nor was it because the PAP's popular vote had fallen from 67 percent in 2007 to 60.1 percent. Rather, it was a result of Singapore's political landscape being dramatically altered with the advent of social media and the Internet. The Internet and Social Media sparked a new way of thinking for Singapore, especially in the political arena. While older Singaporeans relied on state controlled media agencies for their news and information, the Internet opened up a source of independent information that could not be tightly regulated or controlled  as  traditional media platforms. Singapore's World Press Freedom Index ranking is a dismal 136th out of 178 countries (assessed by Reporters Without Borders) and 151st out of 196 countries according to the Freedom of the Press 2010 Global Rankings report. As Singaporeans began to seek alternative viewpoints that were not expressed in the local media, websites like The Temasek Review and The Online Citizen cropped up. These sites gained popularity and support for publishing articles that were critical of the local government for the first time.