"Econ 102" with Noah Smith and Erik Torenberg cover image

International Development, The Reserve Currency, and Xi Jinping’s Legacy

"Econ 102" with Noah Smith and Erik Torenberg

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Erosion of Confidence Through Missteps

Xi Jinping's zero COVID policy was a significant but short-lived mistake that exposed his leadership flaws and contributed to a growing disillusionment among the Chinese populace regarding their government. Prior leaders were largely associated with economic growth, fostering a belief in continuity and competence. However, zero COVID shattered this perception of hyperconfidence. More critically, Xi's crackdown on the tech sector stifled innovation and entrepreneurship, leading to a fear of a state-dominated economy. This shifted the landscape away from a vibrant software industry capable of producing globally competitive products, limiting China's potential technological advancement and growth.

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