How to Beat China and Help the World’s Poor

A proxy for the contest between American and Chinese capitalism will take place in developing countries, where institutions are manifestly not coping with the economic recession triggered by Covid-19. The two billion people who work outside the global financial system in the informal economy suffered a 60% drop in income in the first month of the crisis, according to an April press release from the United Nations’ International Labor Organization. Guy Ryder, the agency’s director-general, said: “Millions of businesses around the world are barely breathing. They have no savings or access to credit.” Without help, “these…


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