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Globalizing Innovation

IN INDIA, HENRY FORD’S ASSEMBLY LINE INSPIRES THE HIGH-TECH HOSPITAL OF THE FUTURE

We all know that the second most important function of the market, besides providing for our economic needs, is to do so efficiently; the most goods and services possible for the lowest price possible. Now this is a bit of a rosy depiction but the reason capitalism is so productive is because of the tendency to drive prices lower over time via technological innovation. For this reason it is good that spreads around the world. The rest of the world will need to innovate itself to a new age of prosperity. This is a story about, what is in my opinion the true economic superpower of the future, India. This WorldCrunch piece translated from Le Monde is about a Dr.  Devi Shetty who wants to build a “rationalized” hospital inspired by Henry Ford. Surgeons specialize, like an assembly line, and thus they can do more surgeries per week. His hospital is equipped with a Wal-Mart style Just-In-Time inventory management system to avoid huge amounts of inefficiency and uses video interfaces and other high-tech to diagnosis more patients faster. Markets: can’t live with em’ can’t live without em’.

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