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Nintendo President Says The Pokémon Company Will 'Take Measures' to Respond to Widespread Card Scalping Issues
Nintendo's president has been asked to address the current state of Pokémon card shortages and scalping, which many fans feel is worse than ever, despite 10 billion cards being printed last year.
Alibaba launches Wan3.0 AI video model after $10 billion share sale
Alibaba officially rolled out its latest AI video generation-model Wan3.0 on Monday with enhanced capabilities after the Chinese internet giant launched a $10 billion share placement to fund rising AI spending.
Japan Pledges $10 Billion to Help Countries Cope With Oil Prices
With supply chains at risk, the aid to Southeast Asian nations is aimed at securing the availability of oil-based products, including medical equipment.
Incipient Monopolization in Digital Streaming: Judicial Oversight of Contemporary Entertainment Consolidation — Columbia Undergraduate Law Review
On February 27, 2026, Paramount Global confirmed a $110 billion all-cash offer to acquire Warner Bros. Discovery, creating one of the largest media mergers in U.S. history. The offer followed a bidding war with Netflix; however, Warner Bros. ultimately signed the initial offer from Paramount. Netfli
Judge Reopens Trump’s Lawsuit Demanding $10 Billion From IRS
The ruling was a blow to both President Trump, who had voluntarily dismissed the suit last week, and to the Justice Department, which used the suit to establish a fund likely intended for Trump allies.
James Webb telescope detects most distant dormant black hole, invisible in all wavelengths and weighing as much as 6 billion suns
JWST found a black hole hiding in a galaxy more than 10 billion light-years away from Earth, and used a cosmic magnifying glass to determine its mass.
Health Dept. Rescinds Freeze on $10 Billion for 5 Democratic States
The reversal of the funding pause came after the administration faced repeated setbacks in a suit challenging the decision, which could have jeopardized programs for low-income households.
OpenAI just closed a $110 billion funding round
OpenAI announced it secured a $110 billion investment from Nvidia, Amazon, and SoftBank.
Arizona Land Play Bets on Data Centers and Entertainment to Draw Capital West
Arizona Land Consulting plans a $6 billion to $10 billion Tonopah development mixing data centers, film studios, and an amusement park west of Phoenix.
China’s Chip Champion to Raise Billions in Race for A.I. Control
CXMT, a linchpin in China’s drive to develop homegrown artificial intelligence technology, is aiming to raise nearly $10 billion in a blockbuster public offering in Shanghai.
The $10 Billion Takeover That Could Turn the Auto Parts Business Upside Down, Explained
O'Reilly might buy NAPA, which would affect the aftermarket parts business in more ways than you might realize.
Pokemon TCG Printed 10 Billion Cards in 2025 as Overwhelming...
The Pokemon Company has released its latest figures report, revealing 10 billion Pokemon cards were printed worldwide from March 2025 to March 2026.
Health Dept. to Freeze $10 Billion in Funding to 5 Democratic States
The funding pause could jeopardize child care and other programs that serve hundreds of thousands of households in California, Colorado, Illinois, Minnesota and New York.
VA said electronic health record modernization would cost $10 billion
The Department of Veterans Affairs is nearly tripling the ceiling on its contract with Oracle to modernize the agency’s electronic health record system.
Yomiuri: Nojima to Acquire Hitachi's Home Appliance Business for 110 Billion Yen
Nojima Corp., a major Japanese consumer electronics retailer, announced Tuesday that it will acquire Hitachi Ltd.'s home appliance business for about 110 billion yen.
10 Billion Pokémon Cards Were Printed Last Year — and It Still Wasn't Enough to Stop Shortages and Scalping
The Pokémon Company manufactured more than 10 billion Pokémon trading cards last year alone, and has now produced a staggering total of 85 billion cards to date.
US Sues New York Health Officials Over Alleged Fraud in Medicaid Homecare Program
By Jonathan Stempel NEW YORK, June 16 (Reuters) - The Trump administration sued top New York health officials on Tuesday over an alleged scheme to rig the bidding process for managing the state's estimated $10 billion Medicaid homecare program, harming patients and caregivers as well as ...
Globavend Expands from Digital to Live Entertainment with K-Pop Star OK TAECYEON’s Macau Fan Meeting, Targeting US$5.97 Billion Southeast Asian Market
Sold-out MAMAMOO Hong Kong concert supports Globavend’s horizontal expansion into live events; Southeast Asian live entertainment market projected to reach US$10 billion by 2034PERTH, Australia, Sept. 16, 2026 (GLOBE NEWSWIRE) -- via IBN -- Globavend Holdings Limited (NASDAQ: GVH) (“Globavend” or the “Company”), an emerging AI-powered digital entertainment company and e-commerce logistics provider, today announced the expansion of its digital entertainment platform into the live entertainment bu
Judge appears skeptical of Trump’s $10 billion lawsuit against IRS and Treasury
A federal judge on Friday questioned the constitutionality of President Donald Trump’s $10 billion lawsuit against the IRS and Treasury Department over the leak of his tax returns, ordering a hearing to determine whether the president can sue federal agencies that he oversees.
Comcast to split cable business from media through NBCUniversal, Sky spinoff
Comcast will split into two publicly traded companies through a spinoff of NBCUniversal and Sky, separating its cash-generating broadband arm from a media and entertainment business under pressure from streaming rivals and industry consolidation. The latest U.S. media industry shake-up follows years of cord-cutting as legacy players chase scale to better compete with Netflix while Paramount Skydance's $110 billion deal for Warner Bros Discovery is set to boost competition. Comcast, which leans on cable for much of its cash flow, is also losing broadband customers to fixed wireless offerings from T-Mobile and Verizon and to fiber rivals building out networks.
Microsoft plans $10 billion-plus Gulf investment with focus on resilience
Microsoft is planning to invest more than $10 billion across the United Arab Emirates, Saudi Arabia, Qatar and Kuwait between now and 2030, including in cloud and AI infrastructure, a senior executive said on Wednesday.
SoftBank cuts target for OpenAI margin loan by 40% to $6 billion, Bloomberg News reports
SoftBank Group has downsized plans for a $10 billion margin loan backed by its OpenAI stake after hesitation from some creditors, Bloomberg News reported on Friday, citing people familiar with the matter said.
Whoop, a Wearable Health Device Maker, Raises $575 Million
With elite athletes like LeBron James and Cristiano Ronaldo as investors, the company, now valued at $10 billion, is courting everyday health enthusiasts.
Trump drops lawsuit against IRS amid talks of establishing a $1.8 billion fund for allies
President Donald Trump is dropping his $10 billion lawsuit against the Internal Revenue Service, according to court documents, a signal that the administration is preparing to go forward with a plan to set up $1.8 billion fund that would compensate those who believe they were subject to unfair investigations under previous administrations.
The Milky Way ate a galaxy called Loki, and scientists think they found its bones
Astronomers have identified a group of ancient stars that may be the remnants of a dwarf galaxy named Loki that merged with the Milky Way more than 10 billion years ago.
This Harvard dropout took a company public before 30. Now he’s raising $205M to fix the business side of medicine
Tim Hwang, who's also a former Obama campaign staffer, now has his sights set on a $10 billion valuation, and the numbers suggest he might not be bluffing.
Entertainment Media Market Anticipated to Touch USD 6,165.06 Billion by 2035, Driven by Streaming Platforms and Digital Content Consumption | Research by SNS Insider
The Entertainment Media Market is expanding as streaming, gaming, and on-demand digital content reshape consumption patterns, with the U.S. segment growing from USD 971.77 billion in 2025 to USD 1,430.10 billion by 2035.Austin, March 09, 2026 (GLOBE NEWSWIRE) -- The Entertainment Media Market size was valued at USD 3235.49 Billion in 2025 and is expected to reach USD 6165.06 Billion by 2035 and grow at a CAGR of 6.67% from 2026 to 2035. The global market for entertainment media is steadily growi
Scientists Blasted Water With Light 10 Billion Times Brighter Than Sunlight. It Still Didn't Evaporate Faster.
Illuminating one of recent science's most intriguing mysteries.
Paramount Says States' Effort To Block WBD Deal "Will Only Harm Entertainment Workers"
Paramount hit back at an antitrust lawsuit filed Monday by attorneys general of 12 states seeking to block the company's pending $110 billion merger.
Trump freezes child care funding for Colorado, 3 other states
Colorado was swept up in a $10 billion federal child care funding freeze announced on Monday by the Trump administration, a move state officials said they learned about through media reports. The Trump administration said it would freeze child care funding for four states, including Colorado, citing reports of widespread fraud at child care centers […]
From Glastonbury to (No Longer) Prince Andrew: The Entertainment Scandals That Rocked Britain in 2025
Kevin Spacey’s legal woes, J.K. Rowling’s latest firestorm, Donald Trump’s $10 billion lawsuit and another bad year for the BBC capped off a tumultuous year for the U.K. entertainment sector.
10 Billion Pokémon Cards Got Printed And It Still Wasn't Enough
The Pokémon Company can't keep up with insatiable demand
Google To Up Anthropic Investment As Cloud Giants Chase AI Business
Alphabet plans to invest $10 billion more in Anthropic and possibly up to $40 billion more. Google stock edged up amid the news.
Skydance CEO David Ellison: AI is going to transform every part of the business
CNBC’s David Faber and David Ellison, Skydance Chairman & CEO, and Ynon Kreiz, Skydance co-CEO, join 'Squawk Box' to discuss Paramount's $110 billion acquisition of Warner Bros. Discovery, what to expect from the new combined entity, the decision to bring Ynon Kreiz on board, future of the company's linear, streaming and movie businesses, integration of AI, and more.
Health department rescinds freeze on $10 billion for 5 Democratic states
The reversal of the funding pause came after the administration faced repeated setbacks in a suit challenging the decision, which could have jeopardized programs for low-income households.
Trump wins last-minute reprieve temporarily blocking BBC access to his business records
Trump sued the BBC for $10 billion, alleging its 2024 “Panorama” documentary about the Jan. 6, 2021 Capitol attack defamed him.
How today’s AI trainers could be tomorrow’s displaced workers
A fast-growing AI startup is betting it can transform—and potentially replace—large swaths of white-collar work by turning professionals into trainers for the very systems that could one day displace them, Bloomberg writes. Mercor, now valued at $10 billion, recruits doctors, lawyers, consultants and other experts to break down their jobs into step-by-step tasks, feeding that […]
Britain clears $110 billion Paramount-Warner Bros. merger
The British government has cleared Paramount Skydance’s $110 billion takeover of Warner Bros. Discovery, saying it had received assurances, after earlier citing concerns over the deal’s potential to limit media diversity.
Eaton to Merge Mobility Business With Dana in $10 Billion Deal
Eaton Corp. agreed to merge its mobility business with Dana Inc. in a deal valuing the combined company at roughly $10 billion including debt.
Justice Department considers settling Trump’s $10 billon IRS leak lawsuit
The Justice Department is discussing whether to settle President Donald Trump’s $10 billion lawsuit against the Internal Revenue Service in the coming days, according to two sources familiar.
Governor Stein Announces $5 Million to Strengthen Small Businesses in Western North Carolina
(RALEIGH) Today in Lansing, Governor Stein announced $5 million in new infrastructure grants to support small business recovery in western North Carolina through the Small Business Infrastructure Grant Program. Two years since Hurricane Helene struck western North Carolina, Governor Stein continues to advocate for a $10 billion appropriation from Congress to support the next phase …
Trump administration freezes billions in social services funding to five Democratic states
The Trump administration is slashing $10 billion in funds for social services and child care in five Democratic-led states, a Health and Human Services official confirmed to CNN, with the agency suggesting without evidence that the funding has been used fraudulently.
Trump ‘in discussions’ with IRS to cut deal in tax record lawsuit
President Donald Trump is in talks with the Internal Revenue Service to strike a deal over the release of his tax records. The news was revealed in a legal filing, where his legal team said they were in “discussions” with the IRS to “avoid protracted litigation.” Trump is seeking $10 billion in damages, which would […]
Health Department to freeze $10 billion in funding to 5 Democratic states
The pause could jeopardize child care and other programs serving hundreds of thousands of households in California, Colorado, Illinois, Minnesota and New York.
Vistria sells stake in specialty pharmacy company to Warburg Pincus
Revenue at the Pittsburgh, Penn.-based Pantherx Rare had grown to nearly $10 billion from $2 billion since Vistria's investment.
Buffett's Berkshire puts cash to work with Alphabet deal, acquisition
Berkshire Hathaway is set to buy $10 billion of discounted Alphabet stock, and recently announced an $8.5 billion acquisition.
WATCH: Walz, Ellison, Omar refuse to answer when pressed on fraud after contentious fraud hearing
Minnesota Gov. Tim Walz and AG Keith Ellison stay silent after heated House hearing on alleged $10 billion fraud scandal that rocked the state government.
Gov. Greg Abbott doubles down on rare fight for Medicaid
Abbott’s spokesman reiterated that Texas is not doing anything wrong that would disqualify hospitals from receiving nearly $10 billion in Medicaid funding annually.
Vertex to buy Crinetics in $10 billion deal
Vertex Pharmaceuticals will buy Crinetics Pharmaceuticals for a total equity value of about $10 billion, the companies said on Monday.
The Los Angeles Lakers’ Record $12.5 Billion Sale Resets The Market For Sports Teams
Less than a year after Mark Walter paid $10 billion for the team, he flipped it like a piece of real estate. But if there is a bubble for professional sports team ownership, it hasn’t shown any signs of popping yet.
A one-in-a-million supernova seen five times could reveal the Universe’s true speed
A spectacular cosmic event nicknamed “SN Winny” could help solve one of astronomy’s biggest mysteries: how fast the universe is expanding. This rare superluminous supernova, located 10 billion light-years away, appears five times in the sky thanks to gravitational lensing, creating a dazzling “cosmic fireworks” effect. By measuring the slight delays between each appearance—caused by light taking different paths around two foreground galaxies—scientists can directly calculate the universe’s expansion rate.
House Science Leaders Introduce a $10 Billion Fusion Bill
The bipartisan proposal from the House Science Committee comes with the backing of the Fusion Industry Association.
Six Flags Entertainment (FUN) Is Down 6.6% After Deep 2025 Losses And Investor Exit Has The Bull Case Changed?
In February 2026, Six Flags Entertainment reported its fourth-quarter and full-year 2025 results, showing quarterly revenue of US$116.97 million and a quarterly net loss of US$92.38 million, while full-year revenue reached US$3.10 billion with a much larger full-year net loss of US$1.60 billion. The earnings release, combined with Broyhill Asset Management’s exit after citing integration challenges, weather exposure, pressure on lower-income guests, and leadership changes, has sharpened...
Politics: Trump reaches controversial $1.8 Billion IRS settlement
President Donald Trump last week reached a settlement with the Internal Revenue Service to end his $10 billion lawsuit over the leak of his tax returns, which includes a $1.8
Justice Department sues New York over Medicaid home care ‘fraud scheme’
The Justice Department is suing the New York State Department of Health, the state’s Medicaid director and a company operating a $10 billion home health prog…
MUSC Health passes $10B budget, reflecting growth in drugs and population
Medical University of South Carolina and its hospitals and physicians will have a budget that tops $10 billion next fiscal year, driven by the cost of drugs and a growing population in the state.
Health Dept. to Freeze $10 Billion in Funding to 5 Democratic States
The funding pause could jeopardize child care and other programs that serve hundreds of thousands of households in California, Colorado, Illinois, Minnesota and New York.
The Milky Way ate a galaxy called Loki, and scientists think they found its bones
Astronomers have identified a group of ancient stars that may be the remnants of a dwarf galaxy named Loki that merged with the Milky Way more than 10 billion years ago.
Thousands of acres, billions in investment: What's next for RiverPlex MegaPark?
The RiverPlex MegaPark is still years away from reaching its full potential, but the foundation is being laid for what could become one of the Gulf Coast’s largest industrial hubs, according to Ascension Economic Development Corporation President and CEO Kate MacArthur. With roughly $10 billion in announced investment already committed and thousands of acres still […]
Whoop, a Wearable Health Device Maker, Raises $575 Million
With elite athletes like LeBron James and Cristiano Ronaldo as investors, the company, now valued at $10 billion, is courting everyday health enthusiasts.
Chartbook 464 The"China squeeze" - the politics of development counterfactuals.
There are three types of China shock discourse. Each has a distinct temporal register. China shock 1.0 was a phrase coined by US academics in the 2010s to retrospectively summarize the impact on particular US labour markets, which they identified through painstaking empirical investigation. China shock 2.0 on everyone’s lips in Europe in the mid 2020s is an alarm raised by trans-Atlantic policy thinkers warning of a coming disaster which they project onto Europe’s ailing car industry. The third type of China shock discourse - commonly known as the “China squeeze” launched most recently by Indian economists Shoumitro Chatterjee and Arvind Subramanian in the pages of Foreign Affairs - mobilizes a different, more speculative temporal register: the counterfactual realm of alternate history. The China squeeze argument asks not what has happened, or what is going to happen, but what might have been. Specifically, what options for economic development might have been open to Global South economies like India or the economies of sub-Saharan Africa, had it not been for China’s spectacular industrialization since the late 1990s and the persistent competitiveness of China’s manufacture in low-skilled segments. Chatterjee and Subramanian’s argument is that whilst China has built a powerful position in electrical machinery and other high-skill manufacturing, which is now delivering China Shock 2.0, it also continues to run a trade surplus in low-skill, labour-intensive manufacturing. This surplus is large and has remained largely unchanged in fifteen years. Indeed, in the 2010s, in trade with low-income countries, China’s surplus rapidly increased. On their reading, this squeezes low-income producers in low-skill sectors in which they “should” be able to compete. Source: “China’s Mercantilist Squeeze on Developing Countries” Shoumitro Chatterjee and Arvind Subramanian. Peterson Institute for International Economics 26-7 May 2026 Chatterjee and Subramanian’s wording is telling: (emphasis mine) The canonical trajectory of economic development in the post-World War II period is for countries to transition from agriculture to manufacturing, first in low-skilled manufacturing and then later on to high-skill manufacturing (Herrendorf, Rogerson, and Valentinyi 2013). At the global level, this implies that high-income countries (HICs) that once specialized in low-skilled activities cede manufacturing export space to poorer countries that come along to occupy that space. In 1965, advanced economies accounted for about 60 percent of global value-added exports in four key low-skilled manufacturing sectors, i.e., apparel, leather, textiles, and footwear. Over time this share declined and began to be occupied first by the East Asian tigers and, beginning in the late 1990s, by China. Today China accounts for about 50 percent of the global market. The question is whether China, with its rising prosperity, is continuing to behave like its richer counterparts and ceding export space to poorer followers or to behave unlike them and continuing to occupy space. In terms of the conceptual maneuvers it performs, of the three China shock discourses, the “China squeeze” argument is by far the most ambitious. After all, it bases its critique of China on a counterfactual imagining of the world. Like any counterfactual argument, to construct this alternative reality it must rely on a heuristic model. To make their argument Chatterjee and Subramanian mobilize two key claims. The first reference point is the actual history of rich-country industrialization, what they refer to as the “canonical path”. The idea is that countries transition from agriculture to light industry and low-skilled manufacturing and from there up the value chain. To make this useful as a standard of comparison and a means to construct a normative standard, they adjust sectoral export shares for two factors: 1. the underlying level of economic development of the exporting country, as measured by national income and 2. the degree to which the sector in question is internationalized. The idea being that for a high income country to have a high export share in low-skill sectors is anomalous and even more so if that particular product is highly internationalized and thus suitable for being “conceded” to lower-income competitors. Where should this process end? Here Chatterjee and Subramanian introduce their second benchmark. Their normative idea of a global development path is one in which, in due course, low-skill manufacturing exports are distributed in proportion to a country’s share in the global labour force. They imagine, in other words, a world of proportional, polycentric global development without much national specialization in low-skill manufacturing. A useful benchmark is that, in labor-intensive manufacturing sectors, a country’s share of world exports should be broadly commensurate with its share of the world’s low-skilled labor endowment. … In the Heckscher-Ohlin model, this would be true if value added per worker and export propensities, i.e., fraction of output that is exported, are the same across countries. It is this pleasant liberal vista of orderly global development, progressing towards a general distribution of low-skilled manufacturing against which they judge reality and conclude that the low-income countries are suffering a “China squeeze”. China is not exiting low-skill sectors fast enough Allowing for its gdp level and the degree of globalization, China’s share of low-skill manufacturing exports is far higher than it “should” be. Relative to population, its low-skill share of exports is far too high. That in turn yields the conclusion that huge numbers of jobs - the authors suggest tens of millions - are being hoarded by China. For the four sectors captured in figure 4, this excess in value-added exports is $110 billion in 2022. For all low-skilled sectors overall captured in appendix figure D.1, excess value-added exports amount to $365 billion. The crowding out of LMIC exports by China is therefore substantial. Both these claims have in common that they are strong structuralisms. The first is that development paths ought to resemble each other. The second is that broadly speaking as far as low-skilled manufacturing is concerned, all countries are alike. If the world currently diverges from the distribution of trade implied by these assumptions, if China is not following the advanced economy path and has huge exports, this must be the result of “policy”, which the authors then put in question as illegitimate or unfair. Thus the naturalistic construction of a canonical path leading to a “level” distribution of low-skilled manufacturing reveals itself to be a polemical tool. From the point of view of China shock polemics, this discourse is no doubt welcome. But as an account of economic history, it must surely be regarded as nothing short of bamboozling. Development paths do not follow a regular, natural sequence. As David Fishman put it aptly, “development is not a queue”. They are always and everywhere, through and through political. Development is not so much a process, as a project. Each such project is more or less well adjusted to its context. As Gerschenkron taught uneven and combined development implies differentiation rather than simple imitation on a single parth. It may be true that Europe and the US exited relatively early from low-skill work. But clearly technology has changed. As C&S themselves point out, China no longer enjoys a low wage environment. Do they really believe that such huge differences can be accounted for either by industrial policy, which as they admit does not operate powerfully in low-skill sectors, or by exchange rate manipulation? What is overwhelmingly dominant in explaining the persistence of “low-skill” manufacturing in China are surely the network effects of complex supply chains. Indeed the label of “low-skill” may miss the point. The degree of globalization which Chatterjee and Subramanian decide to conjure away in their model of the development path - to allow for the fact that Europe and American textiles exporters did not enjoy just-in-time logistics in the 1950s - obscures the point that the networks through which Chinese factories supply the world are themselves key parts of the low-skill industrialization project. China isn’t knocking out 1970s style “cheap”. It has redefined the entire product cycle. C&S’s casual reference to “T-shirts” is telling. In today’s “fast fashion”, there is weight on both terms. Fashion and fast. China’s success in delivering on both at unprecedentedly high speed and at unprecedentedly low cost, isn’t a low-skill operation at all. If we see development trajectories not as the serial repetition of the same, but as distinctive, crafted projects that cumulate in complex agglomerations of skill, technology and labor, then this explains why the assumption that low-skilled manufacturing should follow the distribution of population flies in the face of all experience. As countless cases attest, low-wage, low-income developed economies are not by themselves the makings of a competitive production base. As Leon Liao puts it quite fairly: “International trade has never been allocated according to population. A country’s population gives it no natural claim to an equivalent share of global exports." And the remarkable fact is that Subramanian alone and with co-authors has long been making this point, not to pillory China, as is the case of the tendentious _Foreign Affair_s and Peterson pieces, but to highlight the great counterpart to China’s industrial success, namely India’s relative failure. The much-quoted Foreign Affairs piece showed low-skill export shares only for China, not for India. If you put both countries in the picture as Chaterjee and Subramanian have done on other occasions, the picture looks like this. China is far above the line, but India, almost as large in terms of population, is no less anomalous, just in the opposite direction. As far as global populations are concerned, and the imagining of tens of millions of “squeezed” jobs, it is this Sino-Indian pair that account for a huge share of the action. What this graph reveals is not China’s cheating, but India’s “greatest development failure”, at least this is the argument made Arvind Subramanian, this time in co-authorship with Devesh Kapur, in their major book, A Sixth of Humanity. Independent India’s Development Odyssey which appeared with Oxford University Press earlier this year. In this highly critical work on India’s development, China is repeatedly evoked, not to criticize but as a benchmark against which to illuminate what India’s political economy has not delivered i.e. large-scale formal employment for hundreds of millions of citizens. Kapur and Subramanian leave no doubt, if you want to understand why China, not India was the main driver of manufacturing globalization from the 1980s, don’t look to slots opening up in the division of labour thanks to the liberal mindedness of advanced economies, look to the contrasting political economy of the Maoist PRC and India’s post-independence political economy. As Kapur and Subramian note: The great divergence between China and India did not begin in 1978 with the Deng reforms—it was well underway by then. In one of the great ironies of modern history, the conditions created by Maoism turned out to be a great launching pad for industrial globalization. As the comparison of India and China in 1980 makes clear, to imagine manufacturing would be equally distributed when populations are so differently endowed in terms of educational and nutritional is fanciful. Here is the data from Kapur and Subramanian, data which I explored back at the very beginning of Chartbook. As Kapur and Subramanian insist, the striking fact is that even as India’s growth accelerated from the 1980s, structural change has not. Formal employment in India lags woefully behind. Why? As Kapur and Subramanian note, the path-dependent impact of India’s poor early start was devastating. The list of factors they mention is long and weighty: We argue for a new five-fold explanation applicable at different stages of Indian history: in the initial stages, the legacy of two key pre-1980s policies, the neglect of agriculture and the strangling of the domestic private sector, were critical. The failure of broad-based agricultural growth militated against rural industrialization, which would have been devoted to satisfying local needs that would have necessarily been labour intensive. Then, when the boom came after 1980, the thicket of regulation and broader labour protections that were legislated prematurely in a nascent democracy, underpinned by a deep ideological aversion to private capital in general and big capital specifically, became a barrier to attaining the size that would be necessary to compete globally. Similarly, the reforms after 1991, while wide-ranging, did not quite encompass non-tradeable inputs critical to manufacturing, namely, land, logistics infrastructure and power. A combination of low investment (logistics infrastructure), regulation (land) and the continued monopoly supply by state governments (power), combined with residual socialism, kept costs at 75–100 per cent above efficient supply. These factors were compounded on the supply side by the government, which dominated the formal labour market and established exorbitantly high wages at the lower end of the skill spectrum. This made their employment in the labour-intensive sector by the private sector less attractive. Finally, when the services sector and its exports boomed, wages soared even further via a Dutch Disease effect: one successful tradeable sector killed and cannibalized another less-skilled tradable sector, namely, manufacturing. Thus, scarcity-inducing policies of the planning era, precocious democracy and a Gandhian aversion to size; inefficient, monopolistic supply of critical non-tradable inputs; the behemoth of government; and super-successful skill-intensive services successively undermined India’s unskilled labour employment opportunities. The employment failure seems to have been over-determined. … Less quantifiable but no less important are some of the sociological factors that have undermined manufacturing and factory jobs. Take the impact of the success of the IT sector—located in urban areas with better working conditions, such as air-conditioned offices, good schools for children and attractive entertainment options. It became a more attractive place for engineering and management graduates to flock to. … Consider manufacturing and female employment. Indian society makes it difficult for women to work, reflected in India’s unusually low female labour force participation (elaborated in Chapter XIII). Indian society, in particular the routine harassment of women in public spaces, makes it even more difficult for them to travel long distances to take up work.37 Combined with onerous regulations on creating hostels and dormitories for women—which, in turn, prevents multiple shifts of operation—factories need to be located in areas with a large female labour pool. While firms can take apparel plants to female labour or bring them to the plants by building large-scale dormitories, this raises costs. If there was a case for subsidies to encourage labour-intensive manufacturing, housing subsidies to build dormitories for women workers would be a good place to start. All of this meant, that when opportunities did open up, in part thanks to adjustments in China, India was in no position to take advantage. Here is the account of the 2020s from Kapur and Subramanian. It stands in dizzying contrast to the one-sided, “China squeeze” argument delivered in the Peterson and Foreign Affairs pieces: In 2022, for example, India’s share of global exports in clothing (the canonical labour-intensive sector) was 3.1 per cent compared to 32 per cent for China. This is extremely disappointing because China started vacating export space in this sector after the Global Financial Crisis as its wages started rising; it then vacated further space in the aftermath of geopolitical developments that led investors to seek alternative investment locations. Between its peak and today, China lost about 7.5 percentage points of global export share (worth about $43 billion in 2022); over this period, India’s export share remained stagnant at 3 per cent, while that of Vietnam and Bangladesh rose by 3.5 to 4 percentage points. China’s loss did not translate into any gain for India in terms of low-skill exports and employment. Put differently, when the conditions for dynamism and prosperity were established after 1991, and even more tantalizingly when the global export opportunities opened up, it was as if India was a high-wage economy and only skilled labour could benefit from the dynamism. It had converted its physically abundant unskilled workforce into an economically expensive resource, penalizing its use. It is not my mission here to argue for or against Kapur and Subramanian’s interpretation of India’s development trajectory. The point in this context is simply that the “China squeeze” such as it is can only be understood, in relation to the heavy burden of domestic constraints that Kapur and Subramanian so unsparingly enumerate. I am concentrating here on India because it is the great counterpart to China and the unspoken reference point of the “China squeeze” discourse. But the point is more general. Can anyone with a straight face suggest that the main problems afflicting the development of South Africa or Nigeria, the great centers of mass underemployment in sub-saharan Africa, are cheap competition from China driven by Beijing’s industrial policy and an undervalued RMB? Likewise, is the main problem of the American working-class the threat of Chinese competition or the manifest crisis of social reproduction in the United States itself? The point here, as in the discourse around China shock 2.0 in Europe, is to insist that we should not normalize the world and pathologize China, without actually investigating what is going on in America’s industrial wastelands, the German car industry, or India’s lopsided labour market. One-sided pathologization should be understood for what it is, a polemical gesture. Concepts like China shock and China squeeze are, what Reinhart Koselleck, following Carl Schmitt, would have described as “asymmetrische Kampfbegriffe”, or “asymmetrical counter-concepts” or “asymmetrical combat concepts”. If the function of arguments like the “China squeeze” is to alert elites in the rest of the world of the need to rejuvenate and energize their development projects, so be it. But let us see the resulting discourses as the mobilizing interventions that they are. Interestingly, a significant slice of China’s public sphere - the so-called industrial party - have been obsessed for the last twenty years with precisely these questions of counterfactual economic history. Since the mid 2000s, a massive online discourse developed around an alternative history in which Chinese techno-patriots were asked to imagine how they would proceed if they had the possibility of traveling back in time to transport modern technology into the Ming dynasty (1368-1644) thus averting the “great divergence” of the 18th and 19th centuries. It is a fantasy of course, but also a goad. The point was not directed at Westerners. The alternate history is dramatically nationalist, but few n the West had even heard of it until recently. The adherents of the industrial party are not liberal moralists. They don’t project natural ladders of international development and ask why others don’t cede space. They take the Realpolitik of global economic development for granted. Their pointe was directed against fellow Chinese. The rallying cry of the alternative narrative was this: Now that we are beginning to gain steam and push forward on our national development path, now that we are breaking out of the inferior position assigned to us even in the early years following WTO accession, do not lose yourself in humanistic imaginings about better futures. In the spirit of Deng, they called on China to embrace the hard truth of development. Perhaps one might of the Industrial Party as a cultural trend born out of desire for symbolic revenge against those who had inflicted the century of humiliation. In terms of the various temporalities of the “China shock” - retrospective, prospective and counterfactual - one might think of the Industrial Policy discourse as truly speculative, conjuring up the China shock that never was. Or perhaps one might better think of it as imagining a world in which a powerful China was no shock at all, but simply a defining fact of modern history. I love putting out Chartbook. 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