In the last 10 centuries, China dominated at least 7 economically. India had effervescence. England experienced same. Then America took over. As the new order evolves, the messages of Schumpeter and Adam Smith will become evident. Schumpeter’s “creative destruction” and Smith’s “comparative advantages” will be tested. China is creatively outcompeting all, and can do everything. Largely, its destiny is assured: back to the top. But America will give its best – expect economic warfare ahead.
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