Nowadays the vast majority of companies that defined the internet boom of the late 20th/early 21st century are gone, but not the fruits of this powerful jump into a better future. The internet defines life as we know it for the much better, and it does precisely because government didn’t step in to prop up the thousands of mediocre to bad businesses that went under in and around 2001.
It’s something to think about as U.S. economic pundits start to write post-mortems on China’s economy, while making their cases that “a China-dominated world is even less likely than it ever was.” The words in quotes are from an editorial published at the Washington Post about China’s “tanking economy.” One guesses that similar pieces were written by foreign and domestic editorialists back in 2001 about the U.S. Which is why economics writing can be a bit of an ass.
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