Keynes in China

Matthew Yglesias on Keynes in China:

China is an extremely large country with over triple the population of the United States of America. It's also got a moderately corrupt government and a massive surge in infrastructure investment going on. Under the circumstances, there are doubtless dozens of ill-conceived projects under way on any given day. But I am astounded by the regularity with which things I see western observers denounce as examples of excess end up looking quite sensible.

There is more, of course.

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