News Snapshot:
Pundits frame US-China competition in economic, military and diplomatic terms. But it’s actually about something far more important. US-China competition isn’t primarily economic. As China builds its consumer economy and becomes less dependent on exports for growth, its economic contest with the US will become less critical. While both countries compete for mineral and energy access, availability is generally a function of cost, not scarcity. As China and the US age and double down on their knowledge economies, neither is likely to have enough high-skilled labour. But the growing competition for foreign minds requires carrots, not sticks. While the availability...
