Yes, there are bubbles here and there, whether it is real estate in Shanghai and Dubai or stocks in Mumbai, but there has also been serious long-range planning that is likely to give these countries a strong position for years to come. Even China, which is trying to shift its economy more toward consumption in order to reduce its dependence on capital spending, has put in place an infrastructure of roads, power grids, ports, and railways that will serve its domestic economy for decades.