LOGAN, Utah—Over the past decade or so, China’s policy of export-led growth has triggered double-digit economic gains, leading some commentators to predict that the Chinese economy—already second-largest in the world—would soon eclipse our own.
Meanwhile, beginning with the popping of the real estate bubble five years ago, the United States slid into recession. Although the National Bureau of Economic Research found that the slump ended in June 2009, the recovery has remained weak, with unemployment still hovering around 10 percent.