Although everyone is supposed to benefit when individual countries leverage their comparative advantages, this canonical economic theory can run into problems when blindly applied to the real world. In the case of China, American leaders failed to consider why the country exhibits the strengths that it does.
BOSTON – Instead of assuming that more international trade is always good for American workers and national security, US President Joe Biden’s administration wants to invest in domestic industrial capacity and strengthen supply-chain relationships with friendly countries. But as welcome as such a reframing is, the new policy may not go far enough, especially when it comes to addressing the problem posed by China.
BOSTON – Instead of assuming that more international trade is always good for American workers and national security, US President Joe Biden’s administration wants to invest in domestic industrial capacity and strengthen supply-chain relationships with friendly countries. But as welcome as such a reframing is, the new policy may not go far enough, especially when it comes to addressing the problem posed by China.