Uploaded August 2026 | Updated September 2026, 2 weeks ago
The US China trade divide runs deeper than tariffs. China opened its markets to the world while keeping a state-driven model at home.
Vincent Deluard, StoneX Group Director of Global Macro Strategy, walks through how China's development model was built and where a 200 year old economic argument fits into the picture.
The framework traces back to Friedrich List, the German economist who argued for protecting nascent industries against David Ricardo and the British case for open markets and comparative advantage. List is being taught again in China, and the results of that national development strategy stand in contrast to the Latin American attempts of the 1970s and 1980s that did not hold. That gap helps explain why the neoliberal consensus of the 1980s and 1990s is losing ground.
Discover Actionable Global Macro Insights with StoneX Market Intelligence: shop.stonex.com/products/global-macro-insights?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_vincent_deluard&utm_content=share
0:00 China Anchors the Whole Shift
0:19 Open Abroad, Statist at Home
0:58 Ricardo Meets Friedrich List
1:32 Proof the Playbook Worked
2:11 Where the Pendulum Swings Now
Like and subscribe for more financial market insights.
#China #StoneX #VincentDeluard #Geopolitics
The US China trade divide runs deeper than tariffs. China opened its markets to the world while keeping a state-driven model at home.
Vincent Deluard, StoneX Group Director of Global Macro Strategy, walks through how China's development model was built and where a 200 year old economic argument fits into the picture.
The framework traces back to Friedrich List, the German economist who argued for protecting nascent industries against David Ricardo and the British case for open markets and comparative advantage. List is being taught again in China, and the results of that national development strategy stand in contrast to the Latin American attempts of the 1970s and 1980s that did not hold. That gap helps explain why the neoliberal consensus of the 1980s and 1990s is losing ground.
Discover Actionable Global Macro Insights with StoneX Market Intelligence: shop.stonex.com/products/global-macro-insights?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_vincent_deluard&utm_content=share
0:00 China Anchors the Whole Shift
0:19 Open Abroad, Statist at Home
0:58 Ricardo Meets Friedrich List
1:32 Proof the Playbook Worked
2:11 Where the Pendulum Swings Now
Like and subscribe for more financial market insights.
#China #StoneX #VincentDeluard #Geopolitics
