How Deng Xiaoping Solved China’s Trade Problem—and What America Can Learn from Him

On the eve of the close encounter with the West, China’s distinctive political trajectory (still dominated by its symbiotic relationship with Inner Asia) propelled it not towards an all-powerful oriental despotism (imagined by Europeans) – which might have permitted drastic change in the face of external challenge – but instead still further toward

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China’s leaders know this very well, of course, which is why they are unleashing a massive and unprecedented amount of industrial policy spending — in the form of cheap bank loans, tax credits, and direct subsidies — to raise production in militarily useful manufacturing industries like autos, batteries, electronics, chemicals, ships, aircraft, dro

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