What China can learn from history
There is an analysis of Lawrence Summers of what lessons China can learn from economic history. It is published in Financial Times Germany (in English though): History holds lessons for China.
It was a cliché in US-Japan relations during the late 1980s and early 1990s that the US-Japan link was the world’s most important bilateral relationship. Given China’s greater scale, more rapid growth and the greater level of imbalances in today’s global economy, Chinese economic policy and its international economic relations are even more important. By learning from a rather unfortunate history, policymakers on both sides of the Pacific can avoid repeating its mistakes.
For how the author suggests some crucial point are to be addressed, read on the article.
I could add - in the 80s I remember, everyone was scared and excited by Japanese growth and financial power. Voices of Japan buying out America (from Empire State Building to Hollywood Studios) were omnipresent. Often they spoke of new shift of global economic power balance to Asia (at that time with Japan in focus). Watch out! Back there, we spoke of Japan with more or less stable democratic political system and - this for sure - with much more developed economy. Now we talk about - please don't forget about it - a authoritarian regime, non-present democracy, mostly poor and underdeveloped China.
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