The politics of adjustment
The past two years have seen a surprising amount of turmoil at the highest levels of the Chinese political establishment. We have seen political alliances re-shuffled, powerful business and political...
View ArticleThe four stages of Chinese growth
From the early 1980s until now China has grown at a pace not matched since the four decades Argentina enjoyed before the First World War. In spite of some fairly goofy attempts a few years ago,...
View ArticleWhat does a “good” Chinese adjustment look like?
I have always thought that the soft landing/hard landing debate wholly misses the point when it comes to China’s economic prospects. It confuses the kinds of market-based adjustments we are likely to...
View ArticleChina, Europe, and optimal currency zones
I typically think of four main factors that determine whether or not an economy can function efficiently as a single currency or economic zone. They primarily determine the level of adjustments costs...
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