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2012/03/08

China Isn't Playing Fair, And Neither Should We

 -from Harvard Biz Review.

This premise is wrong because America and China are not playing the same game. The United States is playing free-market free-trade capitalism while China is playing mercantilist state capitalism. Or to put it another way, China is playing football while America plays tennis and acts like China is, too.

It is important to recognize that in most of our trade with China, the assumptions of free trade (objective currency valuations; absence of economies of scale; perfect competition; full employment; no cross-border flows of technology, investment, and people; no economies of scale; etc.) don't apply. Therefore, contrary to free trade orthodoxy, trade is not a win-win game. Rather it is a zero-sum game of win-lose. In that kind of a game, game theorists know very well that tit for tat is the winning strategy.

China Isn't Playing Fair, And Neither Should We
Business Insider


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