Can China’s Companies Conquer the World?

Despite China’s recent economic struggles, many economists and analysts argue that the country remains on course to overtake the United States and become the world’s leading economic power someday soon. Indeed, this has become a mainstream view—if not quite a consensus belief—on both sides of the Pacific. But proponents of this position often neglect to take into account an important truth: economic power is closely related to business power, an area in which China still lags far behind the United States.

Read the full piece from Prof. Thomas Hout and Pankaj Ghemawat in the March/April issue of Foreign Affairs