Jayati Ghosh highlights the growing triumphalism among the country's economists—and explains why it may be misplaced.
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Economics
May 25, 2026
Jayati Ghosh
China’s political and intellectual elites increasingly see the country’s economic transformation as evidence that state-led development has succeeded where liberal capitalism has failed. Yet structural problems, including overcapacity and persistent inequality, suggest that triumphalism may be premature.
Arvind Subramanian rebuts the claim that the country’s mercantilist development model has short-changed consumers.
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