China Deserves its Economic Success
In 1995, the late economist Gustav Ranis wrote that, “If there is one key to developmental success, it is avoiding the encrustation of ideas,” which is achieved through policymakers' “ever-increasing reliance on the responsiveness of large numbers of dispersed decision-makers.” That description suits China perfectly.
SHANGHAI – In the 1940s, the British historian Arnold J. Toynbee predicted that the United States and the Soviet Union would remain the world’s only two great powers. Not even China and India – with their “ancient civilizations” and “vast populations, territories, and resources” – would be able to “exert their latent strength” in the ensuing decades.