LONDON — China’s formidable trade surplus, which has now surged past the staggering threshold of $1 trillion per year, has ignited fierce debates across Western capitals. It has prompted urgent warnings from protectionist lawmakers, spurred new tariffs in Washington and Brussels, and driven a profound rethinking of globalization. These immediate…
For over half a century, the blueprint for economic development was clear: transition labor from subsistence agriculture to manufacturing, harness economies of scale, and climb the global value chain through exports. From the seminal works of W. Arthur Lewis and Raúl Prebisch to the structuralist models of Nicholas Kaldor, the…
