William H. Janeway for PS On Point: The Political Economy of Technology

In a new Big Picture, Stephen S. Roach, Yi Fuxian, Nancy Qian, and more assess the implications of recent economic headwinds in China. [View this message in a web browser]( [PS On Point]( AUGUST 25, 2023 While a growing body of literature has detailed the neoliberal order's demise, it has tended to leave readers asking what will come next. In their deep study of the interplay between technology, political power, and socioeconomic outcomes over time, MIT economists Daron Acemoglu and Simon Johnson begin the task of coming up with an answer to that pressing question, writes William H. Janeway of the University of Cambridge and Warburg Pincus. [Read more](. [PS. Subscribe to PS Digital now.]( [PS Longer Reads: The Political Economy of Technology]( [The Political Economy of Technology]( By William H. Janeway The economic outcomes we experience have never been wholly the consequence of markets efficiently allocating resources to their optimal uses. On the contrary, how the costs and benefits of technological progress are distributed is a matter of social choice – even if it does not always seem so. [Read more]( [PS Big Picture: Why Is China’s Economy Faltering?]( [Why Is China’s Economy Faltering?]( with Stephen S. Roach, Yi Fuxian, Nancy Qian, and more Even as China’s growth miracle unfolded, many warned of a slowdown and cautioned that the country, like so many before it, could become ensnared in the middle-income trap, unable to claw its way to high-income status. With the real-estate sector in turmoil, youth unemployment skyrocketing, and growth slowing sharply, have the China pessimists been proved right? [Read more]( [PS Longer Reads: How to Kill Chinese Dynamism]( [How to Kill Chinese Dynamism]( By Yasheng Huang Those who believe that Chinese entrepreneurship and growth have thrived under a magical formula of statism ignore the role that Hong Kong played in providing the conventional pillars of market finance and the rule of law. Without this escape valve, China's great economic success story never would have happened. [Read more]( [PS. Register now for our upcoming virtual event, Africa’s Climate Agenda.]( [Facebook]( [Twitter]( [LinkedIn]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. Receipt of this newsletter does not guarantee rights to re-publish any of its content. This newsletter is a service of [Project Syndicate](. [Change your newsletter preferences](. Follow us on [Facebook]( [Twitter]( and [YouTube](. © Project Syndicate, all rights reserved. [Unsubscribe from all newsletters](.