From YaleGlobal:
On the surface, China’s economy glitters. Yet the double-digit growth that entices investors from around the globe is only one of many symptoms of a troubling economic phenomenon that wreaks havoc with political decision-making.
China has an overwhelming vigor, its teeming millions all scrambling for individual success with widespread anticipation of the upcoming Olympics and Expo. Clearly, China wants the tallest buildings, the biggest dam, the fastest train and the largest foreign-exchange reserves. Equally clear, China has less concern about mounting environmental degradation as well as income and gender imbalances. [Full Text]
Gustav Ranis is the Frank Altschul Professor Emeritus of International Economics at Yale University.
