Bloomberg New Economy: Biden’s Infrastructure Plan May Reshape U.S.-China Competition
Joe Biden (left) and Xi Jinping (right), both vice presidents at the time, met during a welcome ceremony in the Great Hall of the People in Beijing in 2011.
Photographer: Getty Images
Starting with the Peloponnesian War (431-404 BC), military conflict generally resulted when a rising power challenged an established one. Three out of every four times, to be precise.
Hence, escalating fears that the U.S. and China are destined for war. But as the economist William H. Overholt points out, the world has changed: modern weaponry has become so lethal that gaining power through conquest is no longer an option. Instead, the path to global dominance runs through the economy. And a healthy economy depends on capable infrastructure.