How China Exploits Anti-Soviet Money Policy
The dollar’s role as the global reserve currency has let China become the world’s factory floor.
In its quest to dominate global markets, China is upending the rules that make them run in the first place. Beijing’s mercantilist strategy—using revenue from cheap exports to finance railways, ports and other footholds in its client states—is disrupting the international trade system. Left unchecked, China’s tactics will continue hampering developing economies while also displacing workers in the U.S. and other rich countries.
The modern global-trade system was born at the Bretton Woods Conference in 1944, when the U.S. persuaded...