The Spanish Flu Didn’t Wreck the Global Economy
What Is Different About the Coronavirus Pandemic?
In 1997, in need of increasing oil and gas imports to fuel its accelerating economy, China launched a new energy policy. Intent on replicating Washington’s close relationships with large oil-producing countries, its diplomats toured oil-state capitals, offering investment and arms in exchange for guaranteed supplies. Of particular interest were governments that had been ostracized by Western powers—an opening, Beijing believed, that would allow it to level the energy playing field with the United States and have the added benefit of fueling conflicts that would distract the U.S. military just as it was trying to refocus on Asia.
Yet many of China’s forays turned out badly. New partners defaulted on loans and failed to deliver the promised oil. The practice of investing in dangerous places where others would not put the lives of Chinese workers at risk. At home, several leaders of large energy corporations have been