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The World Is in Crisis, and That’s Good for the Economy

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The war in Ukraine, the economic and social turmoil induced by China’s zero-Covid policy, the European Union’s collective security and defense awakening, and the polarization of American politics have combined to induce global economic pessimism. Yet none of these factors will stagnate long-term global growth. They will accelerate it, driven by the escalating global commitment to invest in technology and innovation.

Not labor, not capital, but technology has been the single greatest driver of economic growth since the Industrial Revolution. The creative force of technology has triumphed over all of humanity’s disruptive flaws. Nearly all wealth in the world has been created since the rise of industry.

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