Like Vladimir Putin, China's leader is so steeped in a narrative of victimhood and fearful of appearing weak that it is hard to imagine him ever leading China out of the mess he has created. He could well be remembered as the leader who squandered history's most remarkable economic success story.
about the country's increasingly worrisome trajectory, both at home and abroad.
Artificial IdiocyFrank Rumpenhorst/picture alliance via Getty Images
Following the latest banking crisis, monetary authorities should seriously consider how modern digital technologies could be used to avert such problems in the future. A central bank digital currency would both eliminate many barriers to financial transactions and end the risk of bank runs once and for all.
explains how central bank digital currencies would end bank runs and banks' excessive risk-taking.
首尔—不管东亚政治家和专家学者是否喜欢,该地区最近的国际关系与19世纪欧洲的实力平衡政治,而不是与当下欧洲的稳定状态更为相似。东亚民族主义和领土纠纷正在升级,同时也缺少有效的制度性机制促成安全合作。尽管中国、日本、韩国和东盟国家的经济联系仍在不断加深,但它们的外交关系充满了敌意和怀疑,一如一战前数十年间欧洲各国。
彼时和今日的一大共同点是实力变迁。彼时,英国的相对实力在衰落,而德国自1871年统一后开始崛起。
类似地,至少在经济实力上(军事姑且不论),美国和日本似乎已经开始了相对中国的衰落过程。当然,这一过程并不是不可逆的。若美国和日本能出现有效的政治领导和成功的民主改革,而中国不能有效管理自下而上的政治压力,则有可能中止这一看似势不可挡的实力变迁之势。
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