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China and India are home to nearly 40 percent of the world’s population, but until recently neither had played an influential role in the contemporary global economy. In the past two decades, they have liberalized internal economic policies, opened up foreign investment and trade, and experienced economic growth at sustained high rates. However, from the point of view of the United States, the most important change for the long term may be the development of domestic innovation capacities in both countries, which are committed to growing their science and education systems to support research...
China and India are home to nearly 40 percent of the world’s population, but until recently neither had played an influential role in the contemporary global economy. In the past two decades, they have liberalized internal economic policies, opened up foreign investment and trade, and experienced economic growth at sustained high rates. However, from the point of view of the United States, the most important change for the long term may be the development of domestic innovation capacities in both countries, which are committed to growing their science and education systems to support research and further economic expansion. The National Academies organized a conference in Washington, D.C., summarized in this volume, to discuss recent changes on the macroeconomic level and in selected industries and to explore the causes and implications of those changes. This conference summary written by a committee of experts, describes developments in both countries in relation to each other and to the rest of the world.