Emmons and Subhayu Bandyopadhyay for a panel discussion and Q&A with the audience. Julie Stackhouse, senior vice president of the St. Louis Fed's Banking Supervision and Regulation division, moderated the discussion. Louis Fed economists William R. Following his presentation, Wen was joined by fellow St.
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And after that I'm going to talk about what's next, OK? A working paper version is available on my website. Then we're going to go to Q and A, OK? The subtitle is Unlocking China's Secret of Rapid Industrialization. Then I'm going to talk about how can the U.S. Louis Research department, not my pocket, OK? respond and benefit from China's rise. Secondly, I want to provide some explanation and that's the most important part of tonight's talk. Without that, any prediction about China or talk about the U.S.-China relationship will not be very well founded. And I'm going to divide my tonight's talk into four bullet points. Again, before I start there's a standard disclaimer and I hope you take that into heart. I do not mean to advertise this book, just to tell you that all the royalties from the sales of this book will go directly to Federal Reserve Bank of St. But still giving my short limited time I will only touch upon several key issues which I detailed in my forthcoming book titled, The Making of an Economic Superpower. First of all, I want to provide some basic facts about China's rise. Yeah. So the second part is the most important part.
Louis and 1-6 in the last 7 meetings. The Cards have been pretty dominant at home and they are facing a Pirates team that has struggled to score runs. The Pirates are 16-40 in the last 56 meetings in St. Take the Cardinals in this one. This is a good pitching matchup pitting Mikolas vs Jordan Lyles. Lyles has been excellent this year but I like the Cards to scratch out a win at home.
China's Industrial Revolution: Past, Present, Future
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banner forward. So China failed three times, missed the train. And the U.S. And today seems that China is carrying the U.S. OK, so that's the end of my talk. So now China's rise provides a good opportunity for many poor nations to industrialize, but it's up to them how to grab this opportunity. Thank you very much. So China did not design a solid policy in response to British industrialization. China is investing everywhere, doing business everywhere without asking about their political system, without asking about their religion, without asking about their culture. Doing business mutually beneficial, that's the only standard." OK, so China's pushing that strategy and that's a win-win strategy. So now, but how much each individual nation can benefit from China's rise depends entirely on that nation's own world view and development strategies. criticizes that, say "You don't have any standard." China say, "I don't need a standard.
Lil Nas X will perform the top song in the world Monday in Boston as part of the pregame festivities before the series between the Bruins and St. By Associated Press Old Town Road is coming to the Stanley Cup Final. Louis Blues gets underway.
OK, for example, the Flanders and the Belgian, they had equally flourishing proto-industries but they failed industrialization because they did not have a strong government to guide them to create a market for them. Look at what happened in Libya and in Afghanistan. 1, is that you look at the European industrial powers since the Renaissance, since the 15th, 16th, 17th, 18th, 19th century, look at U.S. or Japan. had the so-called Glorious Revolution, which gives the parliament the monarchy, government took all the power. On the other hand what we do not pay attention to is that the freedom is insured by a huge amount or high degree of government regulation. How can they control 1.3 billion population? Very powerful British government and that's precisely why this level of state of capacity. we see lots of freedom, very high degree of freedom. You go to China, police may have no gun. is most highly regulated nation in the world. No. So on one hand, in the U.S. They all more or less went through a period, as I mentioned earlier, of a strong government. But U.K., the first nation to start Industrial Revolution, not other nations. Even if U.K. But having one mafia is better than having multiple mafias. But that does not mean the combined government has really the power. And U.S. And so you have in order to ensure that you have freedom you must have the capacity, what people call state capacity, to ensure you can reduce or mitigate those evil forces. Yi Wen: Yeah, I think the way China's government manages their economy is indeed on one hand kind of unfitting to today's world style. Otherwise, mafias are going to run the show. OK, although many government they were originally the mafia. And so during the development stages, you need to have a strong government. But I want to make two points, OK, on that. And the government, look at our police force is semi-militarized. government has been very powerful in history, even today. U.S.