China and Cuba

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From TFP: China suffers from the massive and unavoidable problem of being an export dependent economy that has suppressed domestic consumption in order to amass capital. Doing so creates a considerable imbalance in an economy the size of China’s rendering this economic model inherently unstable. Thus, in order to continue growth, China must produce more than it consumes and someone else must consume more than they produce, creating significant trade deficits. . . .

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