One of the preeminent (and prolific) economics bloggers, Tyler Cowan, has this interesting outlook on commodity prices.
When all those new Chinese engineers and scientists are at the peak of their creative powers, this relationship will reverse itself and commodities prices will plunge. But it's quicker to produce another toy than to bring about a new Green Revolution, so in the meantime commodity prices are very high. I give the current price trend another ten or fifteen years or so to run. Eventually high commodity prices will seem permanent and then the bottom will drop out.
We've never had a rapid and successful migration of hundreds of millions before, ever. [More]
It's becoming obvious to me I can't begin to know enough about China. But from what little I have grasped, the movement off the farm there is almost incomprehensible, especially to farmers here.
Thanks to a recommendation from...uh, someone...I'm reading China Shakes the World. I hope to make more sense of it soon and will share what I discover.