Five years ago, President Xi Jinping unveiled the Belt and Road Initiative, a vast investment scheme designed to pave China's transition to great power status. Instead, it has become a roller coaster Beijing is struggling to control.
For decades, mobility was one of the features of the U.S. economy as young workers, with families or without, went off to seek their fortunes elsewhere, in some cases voluntarily, in others driven to it by poverty, discrimination, or drought.
Let’s hope the administration understands the limits of its high-risk tactics and is closely monitoring the potential for spillovers. Vulnerable economies may not be the only ones disciplined by financial markets.
August 13, 2018
| William Alan ReinschTrying to return to a world where everything is made domestically is unrealistic at best and disastrous at worst, and it will not produce the wage increases the president would like.