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The coming economic war with China

Within the next three years or so we are likely to see a massive reversal of the economic openness that was fostered after the end of the Second World War in 1945

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4 min read Last Updated : Jun 20 2020 | 1:31 AM IST

Sceptics are raising doubts about India’s ability to reduce trade with China. But they should keep in mind that all major crises leave behind an overarching legacy.

This virus thing isn’t going to be an exception. It is the equivalent, simultaneously, of a heart attack, a stroke, and a devastating war. And it’s going to set the clock back almost to 1920.

The sheer destructiveness of the 1914-18 war made it necessary to trap domestic savings and output within national and/or empire borders to provide employment. That happened in 1920 — which is exactly where the world is today.

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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