Why China's Industrial Policy Owes a Debt to 1800s Germany

China industrial policy has pushed governments to rethink free trade, reviving a protectionist playbook Germany once used to overtake Britain. Vincent Deluard, StoneX Group Director of Global Macro Strategy, explains how China revived Friedrich List's 19th century economic playbook. Deluard traces the argument to the early 1800s clash between David Ricardo's case for comparative advantage and Friedrich List's defense of import restriction, state led investment, and protection for young industries. He explains why List's approach let Germany overtake Britain within 50 years, and why China's version has caught up or pulled ahead in rare earth processing, batteries, robotics, AI, and biotech, backed by one of the world's largest current account surpluses. Discover Actionable Global Macro Insights with StoneX Market Intelligence: https://shop.stonex.com/products/global-macro-insights?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_vincent_deluard&utm_content=share(opens in new window) Like and subscribe for more financial market insights. 0:00 China Reopens an Old Debate 0:32 How Germany Beat Britain First 1:36 Inside China Model That Works #StoneX #China #VincentDeluard #GlobalMacro