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Best Read of 2020: Thomas Orlik: China: The Bubble That Never Pops—Project Syndicate

Summary:
Brad DeLong: Project Syndicate Commentators’ Best Reads in 2020 https://forbes.kz/life/observation/project_syndicate_commentators_best_reads_in_2020: Thomas Orlik (2020): China: The Bubble That Never Pops: I have always thought that China’s development strategy has only ten more years to run before it ends in tears. In his new book, Bloomberg’s Chief Economist Tom Orlik explains why I have always been wrong – at least about this particular question. Through striking examples and insightful explanations of institutional patterns, he shows how China has managed to turn all four of the great economic cycles since Mao’s death to its own advantage. In spite of “ghost cities,” high levels of bad debt, a great deal of corruption, “white elephant” infrastructure boondoggles, and the rest,

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Brad DeLong: Project Syndicate Commentators’ Best Reads in 2020 https://forbes.kz/life/observation/project_syndicate_commentators_best_reads_in_2020: Thomas Orlik (2020): China: The Bubble That Never Pops: I have always thought that China’s development strategy has only ten more years to run before it ends in tears. In his new book, Bloomberg’s Chief Economist Tom Orlik explains why I have always been wrong – at least about this particular question. Through striking examples and insightful explanations of institutional patterns, he shows how China has managed to turn all four of the great economic cycles since Mao’s death to its own advantage. In spite of “ghost cities,” high levels of bad debt, a great deal of corruption, “white elephant” infrastructure boondoggles, and the rest, China’s government has proved that it has the tools to keep the bicycle upright and moving forward rapidly. And now, thanks to Orlik, we can all see how it works…


.#books #china #politicaleconomy #projectsyndicate #202012-24
Bradford DeLong
J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.

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