curated citations to news sources

Two superpowers, one behaving pathetically
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China first. Remarkable new details emerged yesterday of a trend we’ve been talking about for years in this newsletter: the rapid spread of clean energy and its associated appliances not only in China but in all the countries increasingly in their sphere. The folks at the Net Zero Industrial Policy Lab at Johns Hopkins published a huge new study detailing the “rapid scale- up of overseas Chinese clean-tech manufacturing investments.”
Investment volume: Chinese firms have pledged at least USD 227 billion across green manufacturing projects. A high-end estimate approaches USD 250 billion. This surge of overseas green manufacturing investment is unprecedented; it now surpasses the USD 200 billion (in current 2024 dollars) invested by the US over four years of the Marshall Plan, at a time of similar American dominance of manufacturing in key industries.
I want you to go back and reread the last sentence of that paragraph—bigger, in real dollar terms, than the Marshall Plan. The Marshall Plan, of course, was what America spent to rebuilt the world in the wake of World War II, and it was a key driver of what became the most prosperous economy the world has ever seen. The American century was built in no small part on making sure that our allies (and enemies) in the Second World War recovered and were fitted into our trading system. Now the Chinese are doing the same thing, except somewhat bigger and faster. …
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