Is China's new industrial policy a 'Great Leap Backward'?
by George Lagarias
Jun 18, 2024
2 minutes
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The biggest point of differentiation between Western-style democracies and more centralised-type governments is the speed and linearity of progress. Western countries progress linearly and incrementally. Innovation breeds innovation. Social progress begets social progress. In more centralised governments, layers of bureaucracy need to be overcome before something new emerges. Decisions need to be planned and then implemented. That doesn’t mean progress is perpetually
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