New drugs are developed with vast amounts of taxpayer money. But instead of universal access to these publicly funded scientific achievements, we get prohibitively expensive medicine and sky-high profits for pharmaceutical companies.
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The West still outperforms China in most areas of advanced technology but has much to learn about how it lost the lead in some areas. China’s technology surge to dominance in a few sectors is the consequence of a set of concrete factors that either exist already in Europe, can be created, or used to exist and can be revived.
Jonathan Liebenau writes that the West should avoid panicky responses and study Chinese companies’ practices of long-term finance and planning, tolerance for failed business experiments and setbacks, and sophisticated labour market and management developments. This is the third in a series of blog posts summarising the new report ‘Protect, Constrain, Contest’, by LSE IDEAS, the foreign policy think tank at LSE.
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China is not yet a military challenge as Russia is (or the Soviet Union was during the Cold War), but neither is it simply an economic competitor. In this article,
Peter Watkins introduces a series of blog posts that LSE Business Review will be publishing along the next couple of weeks. The series summarises the new report ‘Protect, Constrain, Contest’, by LSE IDEAS, the foreign policy think tank at LSE. In the report, academics and China watchers set out the important policies needed to put Western relationships with China on a firmer and more manageable footing.
The past year has seen a growing realisation in the traditional “West” – including the United States, the European Union and the United Kingdom – of the challenge posed by China. There was unease before, particularly in defence and security circles in the U.S. But the dominant narrative, especially in the EU and the UK, was of China as an economic opportunity. Although few Weste