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The supply of university graduates is increasing rapidly. The Chronicle of Higher Education calculates that between 1990 and 2007 the number of students going to university increased by 22% in North America, 74% in Europe, 144% in Latin America and 203% in Asia. In 2007 150m people attended university around the world, including 70m in Asia. Emerging economiesespecially Chinaare pouring resources into building universities that can compete with the elite of America and Europe. They are also producing professional-services firms such as Tata Consulting Services and Infosys that take fresh graduates and turn them into world-class computer programmers and consultants. The best and the brightest of the rich world must increasingly compete with the best and the brightest from poorer countries who are willing to work harder for less money.