The belief that China would inevitably follow the path of political and economic liberalization after the collapse of the Dissolution of the Soviet Union proved misguided. This expectation rested on the assumption that market reforms would naturally lead to democratization and that Chinese firms lacked the capacity to innovate or compete technologically. In reality, this … Read more
The ideas of free trade, limited government, and laissez-faire markets, championed by theorists such as Milton Friedman, arose within a specific historical and ideological context, despite historical evidence of successful state-led development in cases such as Japan and South Korea. The Intellectual Origins of Free Market Thought The intellectual foundations of free market thought trace … Read more
The story of U.S. assistance in integrating China into the global economy—culminating in America’s support for China’s entry into the World Trade Organization (WTO) in 2001—has, over the past two decades, contributed to U.S. complacency and overconfidence. The Narrative of “U.S.-Enabled China” In 2001, China formally joined the World Trade Organization (WTO), an event widely … Read more
U.S. deindustrialization and financialization redirected the nation’s economic center of gravity from the factory floor to Wall Street. This transformation reflected a broader ideological turn—away from the industrial-age belief that “what’s good for GM is good for America” and toward a new guiding principle: “what’s good for Wall Street is good for America.” The rise … Read more
The U.S. shift from the military-industrial complex to the Wall Street–Washington corridor reflects a structural and ideological change: industrial dominance waned, finance grew, and policymakers prioritized financial power as a strategic lever, replacing “what’s good for GM” with “what’s good for Wall Street.” Military-Industrial Complex (1940s–1970s) In the mid-20th century, the United States witnessed the … Read more
The ideological shift from “What’s good for GM is good for America” to “What’s good for Wall Street is good for America” did not happen earlier because the structural and institutional conditions of the U.S. economy, politics, and global system were different. Industrial Economy Dominance Before the 1970s, the United States was fundamentally an industrial … Read more