In today's Wall Street Journal piece titled "America Is Sliding Toward Chinese-Style Capitalism," author Greg Ip wonders aloud if America is turning its back on open competition, citing TikTok's shaky situation as an inauspicious sign.
That being said, Ip's underlying message still conveys optimism about America's ongoing economic dominance, anchored in the belief that open competition promotes progress, a fundamental tenet of American ideology.Indeed, American ingenuity paved the way for Microsoft's global ascent in 1995, marking the dawn of globalization in the post-Cold War era. That was then. This is now: Against the backdrop of heightened geopolitical tensions involving China, Russia, Iran, and North Korea, it's no surprise that a wave of anti-TikTok sentiment has gained traction among U.S. lawmakers, all vying for electoral favor. Who can afford to be politically tone-deaf?*As Cold War II unfolds, the retreat from globalization emerges as a defining characteristic of our economic landscape. Get used to it. Author: renqiulan *Billionaire Jeffrey S. Yass, who has donated US$46 million to Trump's party, owns a 15% stake in ByteDance, TikTok's parent company.
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