Odd Lots Adam Tooze on the Big Misconceptions of the Chinese Economy
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Sep 12, 2024 
In this insightful discussion, Adam Tooze, a Columbia University professor and author, tackles misconceptions surrounding the Chinese economy. He argues that the notion of 'overcapacity' in China is flawed, suggesting the U.S. may be misplacing its focus on industrial revival. Tooze dives into China's economic paradox, exploring the challenges of state-directed capitalism amidst its urban successes. He also highlights the complexities of economic policies affecting both China and the U.S., urging a broader view of global trade dynamics.
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Overcapacity Narrative
- The "overcapacity" framing regarding China is misleading, especially in newer sectors like green energy.
- The world needs more photovoltaics, and lower prices benefit countries like Pakistan.
Political Motivation
- US policymakers focus on "overcapacity" because it justifies protectionist policies.
- This resonates in election years and aligns with the current focus on producer interests.
Beyond Manufacturing
- Focusing solely on manufacturing jobs distracts from broader US economic issues.
- The service sector needs attention regarding improving quality of life and productivity.