China invents a different way to run an economy

In the United States and other developed countries, there are three basic philosophies of macroeconomic stabilisation. Each of them was present in some form during the Great Depression, and each survives to this day.

The first is Keynesianism, which centres on fiscal stimulus, mainly in the form of increased government spending.

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A version of this article appeared in the print edition of The Straits Times on July 24, 2018, with the headline 'China invents a different way to run an economy'. Print Edition | Subscribe