Someday we'll look back on the 20th century and wonder why we owned so much stuff. Not that it wasn't great at first. After thousands of years during which most human beings lived hand to mouth, in the 20th century the industrial economies of the West and eventually much of the rest of the world began churning out consumer goods — refrigerators, cars, TVs, telephones, computers. George W. Bush won re-election as President in 2004 in part by proclaiming an "ownership society": "The more ownership there is in America, the more vitality there is in America."
Even as Bush was announcing its birth though, the ownership society was rotting from the inside out. Its demise began with Napster. The digitalization of music and the ability to share it made owning CDs superfluous. Then Napsterization spread to nearly all other media, and by 2008 the financial architecture that had been built to support all that ownership — the subprime mortgages and the credit-default swaps — had collapsed on top of us. Ownership hadn't made the U.S. vital; it had just about ruined the country.

There is a chance, and maybe even a good one, that you'll walk into work one Monday morning and find out your job is being moved to China or India. Millions have already seen that happen, from shop-floor machinists to IT specialists, in places as disparate as Italy, the U.S. and South Korea. China is a manufacturing machine, charging into the global market for everything from cars to solar panels. India's highly trained engineers are outdueling Stanford grads for jobs in R&D, software development and other sectors that are supposed to be the West's economic salvation. The harsh realities of the globalization of labor have left much of the world's workforce feeling despondent. Everyone in places like London and Los Angeles is competing with smart applicants from Bangalore or Shanghai who are willing to work long hours for a
pittance. When there are 2.5 billion people in those two Asian giants combined, how can anyone's job be safe?
Yet there's another way of looking at the great shift of economic power to the East, one that is much less scary and perhaps even inspiring. Those 2.5 billion people are getting richer by the day. This presents an unprecedented opportunity for the workers of the world.

Youth. Antisocial, mobile-tapping, Lady Gaga–obsessed layabouts who get off the couch only to riot. What's to like? Rather a lot. In the Middle East and North Africa, youths played a major role in bringing down some long-standing dictatorships. And that may be only the start. A burgeoning young population might help speed global economic growth and be a sign of positive developments in the quality of life worldwide.
Around the world, countries are in various stages of progress through what economists call the demographic transition. That's the move from high rates of fertility and mortality — women having lots of children, many of whom die young — to low birthrates and longer life expectancies. The rich countries of Europe and North America, along with Japan, are all the way through this transition, with many of them seeing shrinking populations as a result. Africa is still in the middle of the change; Latin America and Asia are further ahead.