America's Losing China Strategy

26.09.2021, 16:07 forbes.kz

Economic dynamism is a necessary condition for establishing military strength. For the US to maintain and strengthen its leadership role in the world economy, it must have both allies and a vibrant domestic economy. Why, then, is US President Joe Biden’s administration sponsoring policies that will help China reduce America’s own economic advantage? Instead of asking how the US can improve its economic performance, the administration is imitating China by letting the government pick winners and losers among technologies and industries. In doing so, it is abandoning traditional US support for the open multilateral trading system, the rule of law, and private enterprise within an appropriate