There had once been hope in the West that China’s adoption of free market principles would eventually see it become more like us. Today, to compete with China’s national power, it seems we need to become more like it.

Neoliberalism, we are told, is dead. Western governments are back trying to direct the national economy, making industry policy, “friend-shoring” supply chains, and building high fences to protect critical technology. All we need now is a five-year plan.