, Columnist
China's Latest Innovation? The Ballpoint Pen.
It's an object lesson in state-run inefficiency.
Harder than you'd think.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Last week, China announced that it had mastered the art of making ballpoint pens. Don't laugh: It was a years-long effort that cost millions of dollars and required the leadership of a state-run corporate colossus. It was front-page news, widely discussed on talk shows and celebrated on social media.
And it was no one-off stunt. China hopes such government-mandated "innovation" will finally revive its economy and catapult it into the front rank of technologically advanced nations. Unfortunately, such efforts are far more likely to worsen the inefficiencies already holding its economy back.