Stiglitz: The underlying problem is that the US did not anticipate a rival such as China. Even without subsidies, China “could outcompete just because of the scale of their economy and the number of engineers they have.
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Stiglitz: Our under-investment in engineering and their over-investment in engineering — that’s not a trade violation, it’s a strategic mistake. They put themselves in a comparative advantage, and we haven’t come to terms with that.”
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China’s success in electric vehicles is also evidence for Stiglitz that, in climate policy, regulations often work better than subsidies. More than a decade ago, “I was in a meeting with the premier [Wen Jiabao] where he told the car companies: you have to be electric within five…
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@pstAsiatech
financiers funded an early soviet union and hitlers germany. Capital goes where it will be used effectively, to societies with effective/cheap labor & organizational power to direct useful labor. Rothschilds had nixon open china. capital worthy business can later compete...shock
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@pstAsiatech
You read economics! 👍👍👍 the size of economy depends on the size of the population but good quality ppl! 😂😂😂 so imagine a country with less than 0.35bill ppl to challenge a country with more than 5000 yrs civilization n good quality ppl at 1.4bill is just insane!
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@pstAsiatech
It goes deeper than this. Societal indiscipline, declining social standards, falling education standards, financialization, reserve currency , globalisation… the list goes on.
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