Of all the mistakes the U.S. is making in dealing with China’s rise, the most obvious is this: thinking we’ve seen this before.
Well, we haven’t. Never before has such an underdeveloped economy with such a huge population and history of innovation muscled its way onto the world stage so fast. To say the complexion of the global financial system will never be the same is a vast understatement.
China’s rise has rendered the work of John Maynard Keynes, Milton Friedman and even Karl Marx all but irrelevant. Such economists based their work on the advance of Europe in the 19th century and the U.S. in the 20th. If they thought those events were something, just wait for Asia’s rise in this one. It’s not just China, remember, but India, too.
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