The Rise of “Resilience” in Economic Discourse It is now commonplace to hear policymakers and markets praise the "resilience" of supply chains, of financial systems, of growth trajectories, and of investor sentiment. In its popularized form, resilience suggests strength, adaptability, and an underlying systemic vitality. What does it mean for an economy to be resilient? The global economy has shown  surprising robustness amid geopolitical shocks recently. Yet, it also warns o

In an earlier analysis, I cautioned that China’s manufacturing-driven growth was vulnerable to both internal demand weaknesses and...