Economics & Global Affairs

256 Items

Aerial view of Shanghai World Financial Center and Jin Mao Tower

Mgmoscatello/Wikimedia Commons

Analysis & Opinions - Foreign Affairs

Stop Obsessing About China

| Sep. 21, 2018

The United States is a deeply polarized nation, yet one view increasingly spans the partisan divide: the country is at imminent risk of being overtaken by China. Unless Washington does much more to counter the rise of its biggest rival, many argue, it may soon lose its status as the world’s leading power. According to this emerging consensus, decades of U.S. investment and diplomatic concessions have helped create a geopolitical monster. China now boasts the world’s largest economy and military, and it is using its growing might to set its own rules in East Asia, hollow out the U.S. economy, and undermine democracy around the globe. In response, many Democrats and Republicans agree, the United States must ramp up its military presence in Asia, slap tariffs on hundreds of billions of dollars of Chinese goods, and challenge China’s influence worldwide.

But this emerging consensus is wrong and the policy response misguided. China is not about to overtake the United States economically or militarily—quite to the contrary. By the most important measures of national wealth and power, China is struggling to keep up and will probably fall further behind in the coming decades. The United States is and will remain the world’s sole superpower for the foreseeable future, provided that it avoids overextending itself abroad or underinvesting at home.

John Krafcik, CEO of Waymo Inc., the autonomous vehicle company created by Google's parent company, introduces a Chrysler Pacifica hybrid outfitted with Waymo's own suite of sensors and radar at the North American International Auto Show in Detroit on Jan. 8, 2017. AP Photo/Paul Sancya, File.

AP Photo/Paul Sancya, File

Analysis & Opinions - The Wall Street Journal

The Fed Can’t Save Jobs From AI and Robots

| June 10, 2018

The day is coming, experts tell us, when artificial intelligence and robotics will massively disrupt the labor market. Autonomous vehicles will put 3.5 million truck drivers at risk of losing their jobs. Checkout machines may replace 3.4 million retail cashiers. That is only the beginning of the long list of jobs that will be destroyed by technological change.