China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction
Bloomberg reports that in Beijing, competition is in. In Washington, not so much.
China faces rising US tariffs from President Donald Trump. Its property market is slow-motion imploding. Its economy is deflating. After decades following British economist John Maynard Keynes and his doctrine of demand management, China’s leadership is taking a lesson from US economist Joseph Schumpeter and his creed of creative destruction. The latest headache for policymakers: a 10 percentage point tariff... ...
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