China and America Suffer from Common Ailment
It's rare that two behemoths so different in many ways are so alike in one particular area. I'm referring to how both China and the U.S. are deluded about the value of a four-year college degree. China is learning the hard way about the price of its obsession. In 1998, colleges and universities there turned out 830,000 graduates a year. Last May, the number had climbed to more than six million. Ordinarily, this increase would be seen as laudable. But China's economic growth, as impressive as it is, simply cannot provide enough good jobs for the graduates ("China's ...
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