Competitive, Not Efficient
8:02–9:06 · 64s
Joe explains China’s subsidy-heavy system, target-driven local governments, and why firms can dominate markets without profits, citing Michael Pettis’s line.
8:02–9:06 · 64s
Joe explains China’s subsidy-heavy system, target-driven local governments, and why firms can dominate markets without profits, citing Michael Pettis’s line.
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