Who really won the Cold War? Maybe China.
In 1972, Cold War logic pushed President Richard Nixon into an unlikely alliance with Mao Zedong—bringing China back into the mainstream of the world economy. In 1991, the collapse of the Soviet Union encouraged “end of history” hubris that blinded the West to the consequences of China’s rise.
Fast forward to 2020 and China has emerged as a major global power, its single-party rule and state-dominated economy the cause of alarm in foreign capitals—and pride in Beijing. By 2035, Bloomberg Economics forecasts, China will have overtaken the U.S. to become the world’s biggest economy and perhaps also its most powerful political actor. Read more…..
Chart of the Day
Eric E. Schmidt, Executive Chairman, Google Inc., speaks with Economic Club President David M. Rubenstein on December 12, 2011.