In a piece published toward the end of last year, Wall Street Journal columnist Joseph Sternberg oddly contended that the ‘most important economic story of our day is that the Chinese Communist Party has run out of reliable ways to stimulate its economy of 1.4 billion consumers." Maybe Sternberg didn't mean what he wrote?
Implicit in his expressed analysis is that government, by virtue of it being the government, has the tools to improve things by pulling the proverbial strings of the economy in ways commensurate with progress. In particular, it can somehow boost the economy by engineering more consumption.
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