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Unleashing the Second American Century by Joel Kurtzman

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CHAPTER FOUR

ABUNDANT, CHEAP ENERGY

In 2011, the International Monetary Fund issued an alarming forecast. It was about the prospect of China overtaking the United States as the world’s largest economy, an event the IMF thought would happen by 2016.1 An Oxford-educated economist, Arvind Subramanian, senior fellow at the Peterson Institute for International Economics in Washington, DC, and former head of the IMF’s research department, came to an even more alarming conclusion the same year. In his book Eclipse: Living in the Shadow of China’s Economic Dominance, Subramanian said that 2016 had arrived ahead of schedule, that is, China had already ...

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