National champions are not the way to compete with China

Corporate concentration has been growing in the United States. According to the McKinsey Global Institute, profits and losses among both US and European companies are more concentrated than two decades ago.

So why are calls for "national champions" - large companies protected and supported by the state - growing too?

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A version of this article appeared in the print edition of The Straits Times on March 26, 2019, with the headline 'National champions are not the way to compete with China'. Print Edition | Subscribe