Grasping Reality on TypePad, by Brad DeLong

Brad DeLong: Project Syndicate Commentators’ Best Reads in 2020 https://forbes.kz/life/observation/project_syndicate_commentators_best_reads_in_2020: Thomas Orlik (2020): China: The Bubble That Never Pops: I have always thought that China’s development strategy has only ten more years to run before it ends in tears. In his new book, Bloomberg’s Chief Economist Tom Orlik explains why I have always been wrong – at least about this particular question. Through striking examples and insightful explanations of institutional patterns, he shows how China has managed to turn all four of the great economic cycles since Mao’s death to its own advantage. In spite of “ghost cities,” high levels of bad debt, a great deal of corruption, “white elephant” infrastructure boondoggles, and the rest, China’s government has proved that it has the tools to keep the bicycle upright and moving forward rapidly. And now, thanks to Orlik, we can all see how it works…