Less than two years after France, Germany and Italy wrote to the European Commission advocating a new screening mechanism on foreign direct investment, the EU has finalised a scheme that aims to protect European interests.
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Less than two years after France, Germany and Italy wrote to the European Commission advocating a new screening mechanism on foreign direct investment, the EU has finalised a scheme that aims to protect European interests.
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Comments(1)
The author misses the larger context: the rise of the Rest, India and China returning to the status they had for millennia, the largest economies on the planet. It was not just sheer size, just look at the commerce in Roman times, early East India Company as well as opium wars. Spices, fabrics, gun powder, printing press, compass and much more came from there. When Europe entered the era of worldwide colonial empires, powered by some of these technologies, both India and China became colonial targets. China had these technologies before Europe, remember Zeng He’s travels way before Europe’s. The opium could be considered a culmination of this process, opium cultivated in India being sold in China. In 1839, Lin Zexu, Special Imperial Commissioner tasked with eradicating the opium trade wrote an open letter to Queen Victoria questioning the moral reasoning behind the British government profiting from selling in China a drug banned in Britain. The answer was HMS’s pulverizing war junks. In Mughal times, India was the world leader in manufacturing, 25% of the world's industrial output up until the mid-18th century, prior to British. 1945 ended the era of European maritime Empires. At the same time US initiated globalization, and slowly, the reverse engineering of colonial polices begun. Singapore, Taiwan, South Korea, Honk Kong rose and, base on their size and aspirations integrated in this world. India and China were slower, but they eventually did it. China took advantage of the great power game between the US and the USSR, Deng’s reforms, MFN, WTO, IP/technology transfer (including forced), but especially by offering the cheapest labor. That cheapest labor evolved from toys and textiles to HVDC, GPS, quantum tech, AI, robotics and the stated Made in China 2025. India follows, after a slow start. The best example is the takeover of the IT industry in the US, not unlike the takeover of the textile industry in India by the British one, during colonial times. India also displays hypersonic weapons, the MOM orbiter, Make in India. Ironically, as the chakra of the world spins, China agrees to make fentanyl a controlled substance after talks with US at G20 summit, helping in the opioid crisis in the US. The advertisers from the Advertising (formerly Silicon), including the omnipresent Gates will oppose anything relate to IT, even when cybersecurity is a must; money always talks. Good luck to the West, but it will not be easy. The only way: education and new technologies.
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