This famous John Maynard Keynes quote opens the fifth chapter of David Shambaugh’s new book, Breaking the Engagement: How China Won & Lost America, but in many ways it sums up the central theme for the entire book. Shambaugh’s subject is the recent, and continuing, sea change in the US-China bilateral relationship, which has included the historic transformation of a fifty-year-old US foreign policy of building closer ties with China.
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