Dan Wang
Writer and researcher on China, technology and industry; author of Breakneck, research fellow at Stanford, known for a widely read annual letter.
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What they believe
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China trails the United States in AI capability, but only by a small margin rather than years.
On AI, China is behind the US, but not by years. There's no question that American reasoning models are more sophisticated than the likes of DeepSeek and Qwen. But the Chinese efforts are doggedly in pursuit, sometimes a bit closer to US models, sometimes a bit further.
danwang.coSaid 1 Jan 2026This on korrents
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Changed their mind The 2021 crackdown was a bounded correction, and it would take more than a regulatory campaign to defeat China's economic dynamism.
Before My view is that it’s going to take more than this regulatory campaign to defeat dynamism in China.
Now What I did not sufficiently appreciate is that a state that would so casually decapitate a sector like online tutoring would also have the will to visit catastrophe upon whole cities.
Said 4 Mar 2023This on korrents
The bold line is korrents’ wording; the quote is theirs. These one: what they wrote before what they said aloud, one per source, newest first.
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As its own page →Hiding
18 March
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15 January
1 January
From one piece 2025 letter 3 beliefs · danwang.co
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startupsventure capitalSilicon Valley
Their words
Startups don't need dissent; they want workers who can grind until the network effects kick in. VCs don't like dissent, showing again and again that many have thin skins. That contributes to a culture I think of as Silicon Valley's soft Leninism.
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Their words
I believe that Chinese technological success is now the rule rather than the exception.
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korrents.com
China trails the United States in AI capability, but only by a small margin rather than years.Their words
On AI, China is behind the US, but not by years. There's no question that American reasoning models are more sophisticated than the likes of DeepSeek and Qwen. But the Chinese efforts are doggedly in pursuit, sometimes a bit closer to US models, sometimes a bit further.
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Lovedrcmnd.app
The Red and the BlackTheir words
I last picked up Stendhal’s The Red and the Black a decade ago. I wasn’t certain that the novel, which I keep calling my favorite, would hold up on re-reading.
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Likedrcmnd.app
The WallTheir words
Marlen Haushofer’s The Wall is short and engrossing. It was deemed a “Cold War” novel by the German press when it was published in 1963.
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Likedrcmnd.app
The Eastern FrontTheir words
Nick Lloyd’s The Eastern Front covers the clashes between Imperial Germany and the Russian Empire as well as the Austro-Hungarians against the Italians and the Serbs. Whereas the western front was essentially static throughout the whole war, the east was characterized by the sort of maneuver warfare that most generals had expected to fight.
+ 5 more
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Mixed onrcmnd.app
Austria 1867-1955Their words
John Boyer’s Austria 1867-1955 offers parts of the answer, though not in a conceptually organized way. It’s a work of history written for specialists, which means that the narrative serves the footnotes rather than the other way around.
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Likedrcmnd.app
1913: The Year Before the StormTheir words
1913: The Year Before the Storm presents a whimsical slice of Central Europe. Art historian Florian Illies collates fragments of leading figures month by month, diary-entry style.
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Likedrcmnd.app
The Chinese Tragedy of King LearTheir words
Nan Z. Da’s The Chinese Tragedy of King Lear also has an experimental form. Da is a professor of literature at Johns Hopkins who emigrated from Hangzhou before she was 7.
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Lovedrcmnd.app
PiranesiTheir words
I’d like to read more experimental books like this one. Susannah Clarke’s Piranesi is a glittering jewel.
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Likedrcmnd.app
The Hebrew Bible: A Translation with CommentaryTheir words
There is something deeply satisfying with reading out loud phrases like: “for in mere breath did it come, and into darkness it goes, and in darkness its name is covered.” Though King James is iconic, Robert Alter better conveys overall the literary power of the Hebrew Bible.
5 December 2025
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25 July 2025
From one piece Breakneck: China’s Quest to Engineer the Future 3 beliefs · danwang.co
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korrents.com
A country cannot remain a great power if its system serves mainly the wealthy and well-connected.Their words
America cannot remain a great power if it is so committed to a system that works well mostly for the wealthy and well-connected.
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korrents.com
The dominance of lawyers in the American elite has turned the United States into a litigious vetocracy.Their words
The dominance of lawyers in the American elite has helped transmute the United States into a litigious vetocracy.
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Their words
China is an engineering state, which brings a sledgehammer to problems both physical and social, in contrast with America's lawyerly society, which brings a gavel to block almost everything, good and bad.
23 January 2024
From one piece 2023 letter 9 beliefs · danwang.co
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Their words
And Xi Jinping has formally de-prioritized economic growth as China’s top task.
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Their words
As I’ve written in each of my previous letters, the party’s strangling of free expression has rendered China into a pitiful underperformer relative to Japan and South Korea in the creation of cultural products.
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Their words
China built half of the world’s ships (by gross tonnage) in 2022, while the US had 0.2 percent of capacity: in practice, this meant that while China builds hundreds of new ships a year, the US builds three to five.
+ 6 more
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Their words
Though companies are relocating production to India and Vietnam, China is going to remain the world’s largest manufacturer for many more years to come.
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korrents.com
China will not fade away, so America has to reform itself for a protracted contest with a peer competitor.Their words
It is that China will not fade away, meaning that America must reform itself for a protracted contest with a peer competitor.
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Their words
While 50 percent of China’s economy might be dysfunctional, the 5 percent that’s going spectacularly well is pretty dangerous to American interests.
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Their words
The trouble with Xi Jinping is that he is 60 percent correct on all the problems he sees, while his government’s brute force solutions reliably worsen things.
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korrents.com
China's industrial lead was manufactured by deliberate state industrial policy rather than by market forces alone.Chinabatterieselectric vehicles
Their words
The foundations of China’s success in EVs were built a decade ago, when the state decided to bet on batteries, and then bought up a lot of the mines for these metals.
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korrents.com
The West's biggest blindspot is repeatedly underestimating China's speed and capabilities.Their words
I worry however that one of America’s superpowers is to spin up yarns to reduce the urgency for action.
18 July 2023
4 March 2023
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Their words, before
My view is that it’s going to take more than this regulatory campaign to defeat dynamism in China.
Their words now
What I did not sufficiently appreciate is that a state that would so casually decapitate a sector like online tutoring would also have the will to visit catastrophe upon whole cities.
1 January 2022
1 January 2021
Nothing matches.
Beliefs
Korrents What they believe 41 beliefs, 1 changed mind — each backed by an exact quote.
Each is a — compiled by korrents.com, not by them: the one-line wordings are korrents', the quotes are theirs.
Recent
China trails the United States in AI capability, but only by a small margin rather than years.
On AI, China is behind the US, but not by years. There's no question that American reasoning models are more sophisticated than the likes of DeepSeek and Qwen. But the Chinese efforts are doggedly in pursuit, sometimes a bit closer to US models, sometimes a bit further.
2025 letter Said 1 Jan 2026
Chinese technological success has become the rule rather than the exception.
I believe that Chinese technological success is now the rule rather than the exception.
2025 letter Said 1 Jan 2026
Silicon Valley's intolerance of dissent functions as a kind of soft Leninism.
Startups don't need dissent; they want workers who can grind until the network effects kick in. VCs don't like dissent, showing again and again that many have thin skins. That contributes to a culture I think of as Silicon Valley's soft Leninism.
2025 letter Said 1 Jan 2026
Show 38 more
China is an engineering state that solves problems by building and acting, while the United States is a lawyerly society whose legal system mostly blocks action, for good and bad.
China is an engineering state, which brings a sledgehammer to problems both physical and social, in contrast with America's lawyerly society, which brings a gavel to block almost everything, good and bad.
Breakneck: China’s Quest to Engineer the Future Said 25 Jul 2025
The dominance of lawyers in the American elite has turned the United States into a litigious vetocracy.
The dominance of lawyers in the American elite has helped transmute the United States into a litigious vetocracy.
Breakneck: China’s Quest to Engineer the Future Said 25 Jul 2025
A country cannot remain a great power if its system serves mainly the wealthy and well-connected.
America cannot remain a great power if it is so committed to a system that works well mostly for the wealthy and well-connected.
Breakneck: China’s Quest to Engineer the Future Said 25 Jul 2025
The West's biggest blindspot is repeatedly underestimating China's speed and capabilities.
I worry however that one of America’s superpowers is to spin up yarns to reduce the urgency for action.
2023 letter Said 23 Jan 2024
China's industrial lead was manufactured by deliberate state industrial policy rather than by market forces alone.
The foundations of China’s success in EVs were built a decade ago, when the state decided to bet on batteries, and then bought up a lot of the mines for these metals.
2023 letter Said 23 Jan 2024
Xi Jinping is mostly right about the problems he identifies, and his government's brute-force solutions reliably make them worse.
The trouble with Xi Jinping is that he is 60 percent correct on all the problems he sees, while his government’s brute force solutions reliably worsen things.
2023 letter Said 23 Jan 2024
Most of China's economy may be dysfunctional, but the small part that works spectacularly well is what threatens American interests.
While 50 percent of China’s economy might be dysfunctional, the 5 percent that’s going spectacularly well is pretty dangerous to American interests.
2023 letter Said 23 Jan 2024
China will not fade away, so America has to reform itself for a protracted contest with a peer competitor.
It is that China will not fade away, meaning that America must reform itself for a protracted contest with a peer competitor.
2023 letter Said 23 Jan 2024
China will remain the world's largest manufacturer for many years yet, whatever production moves to India and Vietnam.
Though companies are relocating production to India and Vietnam, China is going to remain the world’s largest manufacturer for many more years to come.
2023 letter Said 23 Jan 2024
American shipbuilding capacity has collapsed to a rounding error beside China's.
China built half of the world’s ships (by gross tonnage) in 2022, while the US had 0.2 percent of capacity: in practice, this meant that while China builds hundreds of new ships a year, the US builds three to five.
2023 letter Said 23 Jan 2024
It is the party's censorship, not any lack of talent, that has made China a cultural underperformer beside Japan and South Korea.
As I’ve written in each of my previous letters, the party’s strangling of free expression has rendered China into a pitiful underperformer relative to Japan and South Korea in the creation of cultural products.
2023 letter Said 23 Jan 2024
Xi Jinping has formally demoted economic growth from being China's top task.
And Xi Jinping has formally de-prioritized economic growth as China’s top task.
2023 letter Said 23 Jan 2024
America treats its inability to build and to admit skilled migrants as mysteries to be endured rather than problems to be solved.
So it feels to me that the US is treating its deficiencies — an inability to build stuff or create a functional system for admitting high-skilled migrants — as mysteries to be endured rather than problems to be solved.
2023 letter Said 23 Jan 2024
China's leadership views large language models as offering little economic upside and posing significant political risk, similar to social media platforms.
I suspect the Chinese leadership views large language models as something akin to social media platforms: technologies with little economic upside and significant political risk.
China notes, July ’23: on technological momentum Said 18 Jul 2023
Semiconductor manufacturing is a more technologically challenging endeavor than rocket science.
Nonetheless, I think that chips are much more challenging than rockets.
China notes, July ’23: on technological momentum Said 18 Jul 2023
China will substantially close its strategic technology gaps, including in chips and aviation.
So I continue to hold the view that China will mostly patch up its strategic deficiencies, including in chips and aviation.
China notes, July ’23: on technological momentum Said 18 Jul 2023
The Chinese state today is an autocratic regime occasionally capable of economic pragmatism, not a technocratic regime that occasionally lapses into Marxism.
And on balance I believe we should think of the Chinese state today as an autocratic regime that is occasionally capable of economic pragmatism rather than a technocratic regime that slips occasionally into Marxist faults.
2022 letter Said 4 Mar 2023
China's problem is not too little state capacity but too much of it.
Second, China’s problem is usually not too little state capacity, but too much.
2022 letter Said 4 Mar 2023
The Chinese state's famous capability is largely spent putting out fires it started itself.
First, it increasingly resembles a crew of firefighters who bring extraordinary skill to dousing fires that they themselves ignited.
2022 letter Said 4 Mar 2023
Partnering with Russia was a strategic mistake for Beijing, because it is the United States and Europe that hold the markets and the technology.
Beijing decided to partner with Russia, an imperial aggressor, when it is the US and Europe that have markets and technology.
2022 letter Said 4 Mar 2023
China's technological competitiveness is grounded in manufacturing capability rather than in scientific research.
Whereas the US has a track record of doing great science, China’s technology competitiveness is grounded in manufacturing capabilities.
2022 letter Said 4 Mar 2023
Doing the science first does not win the industry: America laid the scientific groundwork for solar and Chinese firms ended up making the cells.
Consider the solar industry, for which the US laid the scientific groundwork, only for Chinese firms to make all the photovoltaic cells.
2022 letter Said 4 Mar 2023
China's cultural and intellectual output to the world is far smaller than its economic weight.
Never has any economy grown so much while producing so few cultural exports.
2021 letter Said 1 Jan 2022
China's central government has a stronger record of pulling off politically difficult reforms than any other developing country.
It has displayed a stronger record of reform than any other developing country, as the leadership keeps pulling off politically-difficult tasks: shrinking the state sector, re-orienting the economy towards export-led growth after WTO accession, and so on.
2021 letter Said 1 Jan 2022
Beijing deliberately rejects comparative advantage and targets a high level of manufacturing output for its own sake.
The leadership is targeting a high level of manufacturing output, rejecting the notion of comparative advantage.
2021 letter Said 1 Jan 2022
Beijing diagnosed the dangers of financialization earlier than the United States did.
Beijing diagnosed the problems with financialization earlier than the US, where the problem is now endemic.
2021 letter Said 1 Jan 2022
America's pursuit of efficiency left it with neither the factories to make more goods nor the logistics to import them.
The US focus on efficiency has revealed the brittleness of its economy, which has neither the manufacturing capability to scale up domestic production of goods nor the logistics capacity to handle greater imports.
2021 letter Said 1 Jan 2022
Technological capability has to be practised to be kept: a country that stops making something forgets how.
We should think of technology as a living product, which has to be practiced for knowledge even to be maintained at its current level.
2019 letter Said 1 Jan 2020
Process knowledge — the experience of actually making things — matters more than tools or blueprints.
I believe that the hard-to-measure process knowledge is more important than the more easily observable tools and IP.
2019 letter Said 1 Jan 2020
Because Chinese workers make most of the world's goods, they accumulate more of the world's technological learning than anyone else.
Today, Chinese workers produce most of the world’s goods, which means that they engage more than anyone else in the technological learning process.
2019 letter Said 1 Jan 2020
Assembling other people's products was never mere assembly: it trained the engineers who now drive the marginal innovation in hardware.
First, even if most of the workforce learns little, a few thousand line engineers become the world’s greatest experts in electronics assembly.
2019 letter Said 1 Jan 2020
Putting research and manufacturing in the same place shortens the loop in which industrial knowledge circulates.
These hubs allow for tight connections between R&D and manufacturing, shortening the circulation of knowledge in a production loop.
2019 letter Said 1 Jan 2020
Western firms that kept the high-value work at home are betting the workforce they trained cannot absorb the technology, and that bet has already lost several times.
That bet has failed at least in technologies that include high-speed rail, shipbuilding, and telecommunications equipment.
2019 letter Said 1 Jan 2020
No country can keep a key technology to itself for long, because the knowledge leaves with the people who hold it.
And it’s difficult for any country to monopolize a key technology over the long term.
2019 letter Said 1 Jan 2020
Only a handful of countries can do high technology at all, because industrial capability is path-dependent and the initial conditions are very hard to get right.
One lesson is that technology is highly path-dependent.
2019 letter Said 1 Jan 2020
The skills America picked up while becoming an industrial power are what set it up for a century of technological leadership.
The skills US workers learned in the process of becoming an industrial giant helped set the US up for technological leadership over the rest of the century.
2019 letter Said 1 Jan 2020
Consumer internet is not the highest form of technology, and treating it as such pulls talent away from the industries that matter more.
I find it bizarre that the world has decided that consumer internet is the highest form of technology.
2019 letter Said 1 Jan 2020
Judged against its market size and its stage of development, Chinese industry has underperformed rather than overperformed.
In fact, I suspect that Chinese firms should be considered underperformers as a whole.
2019 letter Said 1 Jan 2020
Beliefs others hold too
The West's biggest blindspot is repeatedly underestimating China's speed and capabilities. 2 hold this
I worry however that one of America’s superpowers is to spin up yarns to reduce the urgency for action.
2023 letter Said 23 Jan 2024
China's industrial lead was manufactured by deliberate state industrial policy rather than by market forces alone. 2 hold this
The foundations of China’s success in EVs were built a decade ago, when the state decided to bet on batteries, and then bought up a lot of the mines for these metals.
2023 letter Said 23 Jan 2024
American shipbuilding capacity has collapsed to a rounding error beside China's. 2 hold this
China built half of the world’s ships (by gross tonnage) in 2022, while the US had 0.2 percent of capacity: in practice, this meant that while China builds hundreds of new ships a year, the US builds three to five.
2023 letter Said 23 Jan 2024
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Recommends rcmnd
rcmnd What they recommend 8 things — each backed by an exact quote.
Compiled by rcmnd.app, not by them: the quotes are theirs, and each links to the post it was copied from.
Recent
Liked The Hebrew Bible: A Translation with Commentary
There is something deeply satisfying with reading out loud phrases like: “for in mere breath did it come, and into darkness it goes, and in darkness its name is covered.” Though King James is iconic, Robert Alter better conveys overall the literary power of the Hebrew Bible.
danwang.co 1 Jan 2026
What others say about The Hebrew Bible: A Translation with Commentary →
Loved Piranesi
I’d like to read more experimental books like this one. Susannah Clarke’s Piranesi is a glittering jewel.
danwang.co 1 Jan 2026
Liked The Chinese Tragedy of King Lear
Nan Z. Da’s The Chinese Tragedy of King Lear also has an experimental form. Da is a professor of literature at Johns Hopkins who emigrated from Hangzhou before she was 7.
danwang.co 1 Jan 2026
Show 5 more
Liked 1913: The Year Before the Storm
1913: The Year Before the Storm presents a whimsical slice of Central Europe. Art historian Florian Illies collates fragments of leading figures month by month, diary-entry style.
danwang.co 1 Jan 2026
Mixed on Austria 1867-1955
John Boyer’s Austria 1867-1955 offers parts of the answer, though not in a conceptually organized way. It’s a work of history written for specialists, which means that the narrative serves the footnotes rather than the other way around.
danwang.co 1 Jan 2026
Liked The Eastern Front
Nick Lloyd’s The Eastern Front covers the clashes between Imperial Germany and the Russian Empire as well as the Austro-Hungarians against the Italians and the Serbs. Whereas the western front was essentially static throughout the whole war, the east was characterized by the sort of maneuver warfare that most generals had expected to fight.
danwang.co 1 Jan 2026
Liked The Wall
Marlen Haushofer’s The Wall is short and engrossing. It was deemed a “Cold War” novel by the German press when it was published in 1963.
danwang.co 1 Jan 2026
Loved The Red and the Black
I last picked up Stendhal’s The Red and the Black a decade ago. I wasn’t certain that the novel, which I keep calling my favorite, would hold up on re-reading.
danwang.co 1 Jan 2026
Where they publish
Blog danwang.co Home of his annual letter and essays on China and technology.
Recent
- 2025 letter 1 Jan 2026 (This piece is my year in review; I skipped a letter last year) One way that Silicon Valley and the Communist Party resemble each other is that both are serious, self-serious, and indeed, completely humorless. If the Ba…
- Breakneck: China’s Quest to Engineer the Future 25 Jul 2025 (This piece is my book announcement; here’s my letter from 2023) I didn’t write a letter last year. Rather, I wrote seven, all of which is new material. They make up my book BREAKNECK: China’s Quest to Engineer the Futu…
- 2023 letter 23 Jan 2024 (This piece is my year in review; here’s my letter from 2022) I. Walking The trunk of an elephant might feel cool to the touch. Not what one expects, perhaps, from 200 pounds of writhing muscle, strong enough to uproot…
Show 4 more
- China notes, July ’23: on technological momentum 18 Jul 2023 My 2022 letter will probably be my last. Now I have to devise another use for this site. Since I’ve just spent a few days in Singapore, joining various roundtables to discuss China, I thought I would write up the notes…
- 2022 letter 4 Mar 2023 (This piece is my year in review, this year a bit late; here’s my letter from 2021) Mountains offer the best hiding places from the state. There were a lot of state controls to escape from in 2022. Two days before Shang…
- 2021 letter 1 Jan 2022 (This piece is my year in review; here’s my letter from 2020) I’ve by now lived in each of China’s main megaregions. It is time to make assessments. Everything that can go wrong in urban design has gone wrong in Beijing…
- 2020 letter 1 Jan 2021 (This piece is my year in review; here’s my letter from 2019) I. Inspiration It’s difficult to identify a great economic reason to explore space. There are easier ways to extract minerals, doing anything at all is terri…
Link verified 4 Sept 2026. Recent items update automatically from the channel.
x.com @danwwang His X account.
Recent
- The quirky Ma Qianzu explains why the Chinese internet is so frustrating to read: there’s little actual analysis, only a straightjacketed state media and a proliferation of dramatic narratives And a metaphor from a great interview by @afrazhaowang 18 Mar 2026
- For the better part of a decade, I've been writing that the US government's restrictions on Chinese tech companies were unstrategic, poorly explained, and based in caprice (https://t.co/Ohrn9qFtIL). Now it looks like the administration is turning these controls on American firms 28 Feb 2026
- Knowledge Wins — from the American Library Association (1917) 24 Jan 2026
Show 17 more
- I loved this joint review of Jia Zhangke’s latest feature with Breakneck by @kirenitynow 19 Jan 2026
- Three book titles that made me laugh: There Is No Antimemetics Division The Future of Hegel Centrists of the World, Unite! 15 Jan 2026
- My annual letter: https://t.co/5axz7jVwOb This year I discuss corgis, compute, and Cold War; the Texas State Fair; DSA; Neue Sachlichkeit; disfiguring the physical past and the end of history; Germanic obedience; Antichrist; wisecracks; Pascal’s Wager; romantasy; and croissants. 1 Jan 2026
- What we choose to fight is so tiny What fights with us is so great When we win it's with small things and the triumph itself makes us small This is how we grow: by being defeated, decisively, by constantly greater beings - Der Schauende, Rilke (translated by Robert Bly) 5 Dec 2025
- A fun depiction from Chosun Ilbo 21 Nov 2025
- An excellent opening to a funny and tragic piece on what it was like to work in Inner Mongolia state media: 12 Nov 2025
- I'll be giving two talks open to the public: Oct 22 at Harvard's Fairbank Center with Susan Greenhalgh and Mark Wu https://t.co/rdcqV5bxVT Oct 27 at Stanford's Hoover Institution with Stephen Kotkin 20 Oct 2025 hoover.org
- Yes, because technology is ultimately people and teams. The U.S. should hold on to talent rather than drive engineers out through immigration raids 25 Sept 2025
- A fun extension of by the lawyerly society by @Tom_Westgarth15: "The UK is closer to resembling a ‘managerial paralysis’: a surplus of managers, lawyers, HR staff and generalist consultants can tie internal bureaucracies in knots, rather than litigation" 18 Sept 2025 tomwestgarth.substack.com
- Excited to chat with @JulianGewirtz tomorrow at Asia Society in New York 15 Sept 2025
- I outline a bear case for China to @DouthatNYT: substantial numbers of the rich, the creative, and the desperate are eager to emigrate — the latter trekking across the southwestern US border. Whose great rejuvenation is this? And a scenario in which China wins: it doesn’t have to recreate American financial, cultural, and diplomatic power. If it succeeds narrowly at being a technological superpower, which it’s on track to do, it could militarily subdue the US while worsening America’s economic and political dysfunctions 9 Sept 2025 nytimes.com
- For friends in DC, I’ll be speaking tonight at an IFP/FAI event hosted by @AlecStapp and @hamandcheese https://t.co/48qiMEW8mG tomorrow at Politics and Prose Wharf with @DKThomp https://t.co/QjrL5urP3y and on Thursday at JF Books in Dupont Circle 2 Sept 2025
- Last week on Odd Lots, @TheStalwart and @tracyalloway were really wonderful to say that I've been a friend of the pod for the past decade, to which I replied that I'd like to be a friend of the pod for the next decade too 2 Sept 2025
- This ChinaTalk podcast felt special because @jordanschneider had me hold his one-year-old just before the recording, encouraged both of us to reflect on our time in Beijing, and tolerated my remarks on how sentences must be wreathed in splendors 30 Aug 2025 chinatalk.media
- One writer I admire is RF Kuang, whose creative output is a reminder that the rest of us are just not working very hard 26 Aug 2025 newyorker.com
- I had a lot of fun presenting to @AaronBastani, who coined the term Fully Automated Luxury Communism, the idea that China should be understood as Partially Automated Authoritarian State Capitalism 24 Aug 2025
- Arthur and I have a piece in the latest issue of Foreign Affairs — China’s technological momentum is driven by its gigantic investments in power, connectivity, and process knowledge The U.S. should make the same investments 22 Aug 2025 foreignaffairs.com
Link verified 4 Sept 2026. Recent items update automatically from the channel.
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