I think I can summarize Richard Haass of the Council on Foreign Relations’s post at Project Syndicate in a single sentence. Can the Asian economic “miracle” survive the end of the Pax Americana? Not only do I think the answer is “No” but IMO it’s no miracle. China in particular has followed the trail blazed by the Soviet Union with a few improvements but has run into the same problems as the Soviets did, too. Unless the authorities are willing to release control of the reins, I suspect they’re headed for problems. China presently has excess productive capacity enough to satisfy the entirety of world demand in multiple sectors of the economy for years to come.
