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White 5 (1:16)
Topic(s): Auto Industry / Future Transport
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Video Transcript

If you go to China, one of the centerpieces of China's economic growth strategy is to develop a car industry. And, you know, you can say, "Well, gosh, how 20th century of them." But you know what? There's nothing quite like a car when it comes to generating wealth and high, you know, high wages for people who have been used to not earning high wages. I've been to a city in southwestern China—Liu-Jo—where they build mini cars and they use a hundred dollars worth of labor to build a $3500 car. And you think, well, that's, that's awful. A hundred? You know, these poor people. What do you mean, poor people? These are folks who walk to work. For them, this is a, this is a big deal, having this operation in their town.

Until you—I think it would be very difficult to go to some country, any country, China, the United States, and say, "You know what, the auto industry is kaput, you've got to get rid of it. It's killing the planet. Stop it now." It just would be very difficult. And it's not like an iPod, it's not at all like an iPod. The economic impact is much bigger and much harder to sort of imagine the American economy, or any advanced economy, without an auto industry. I mean, a transition to something new would be traumatic and would take some time.

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