China has demonstrated impressive technological prowess in digital payments, e-commerce, blockchain, artificial intelligence and machine learning. These innovations have arguably made life easier and safer. However, technology alone cannot solve major economic challenges. As Agustín Carstens, general manager of the Bank for International Settlements, says, technology is only tangential to underlying economic fundamentals. Communist governments attach great importance to technologies that can control various processes in society. The Soviet leadership was obsessed with cybernetics, the study of control and ... (full story)