Why China’s problem of cutthroat competition demands the world’s attention
When Joseph Schumpeter coined the term “creative destruction”, he might not have realised just how destructive unrestrained competition could be. That is the paradox at the heart of China’s recent economic success.On Monday, People’s Daily ran an editorial, calling for neijuan or involution – a self-defeating cycle of excessive competition – to be nipped in the bud. For China’s Communist Party mouthpiece to publicly acknowledge the issue signals its severity. Involution has become an economic...
