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Quotation of the Day…

… is from page 4 of James Bacchus’s, Simon Lester’s, and Huan Zhu’s excellent November 2018 Cato Institute Policy Analysis, “Disciplining China’s Trade Practices at the WTO“:

In reality, the fear that China’s rise will lead inevitably to America’s fall is overblown. Competition in the world economy is not a zero-sum game. The economic success of other countries does not lead to our economic failure. The United States has been through this before, with the industrialization of Japan and other countries in the decades following World War II. Not only have we lived to tell the tale, but we are actually better off as a result. As other countries have risen, Americans have prospered alongside them….

It is far better for America that China should rise than that it not rise. The economic failure of China would reveal to both countries and to all the world the fact – apparently little understood by the current president of the United States – that the Chinese economy and the American economy are linked together and are in many ways interdependent.