The Spanish Flu Didn’t Wreck the Global Economy
What Is Different About the Coronavirus Pandemic?
The defining geopolitical story of our time is the slow death of U.S. hegemony in favor of a rising China. Harbingers of Beijing’s ascent are everywhere. China’s overseas investments span the globe. The Chinese navy patrols major sea lanes, while the country colonizes the South China Sea in slow motion. And the government cracks down on dissent at home while administering a hefty dose of nationalist propaganda.
Beijing’s newfound assertiveness looks at first glance like the mark of growing power and ambition. But in fact it is nothing of the sort. China’s actions reflect profound unease among the country’s leaders, as they contend with their country’s first sustained economic slowdown in a generation and can discern no end in sight. China’s economic conditions have steadily worsened since the 2008 financial crisis. The country’s growth rate has fallen by half and is likely