"China's economy has been booming for decades now. Keyu Jin, an economist who was born in China and educated in the United States, brings her fluency in Eastern and Western cultures together to offer an explanation of how China became such a successful economic story. This book is a guide to the...

This paper formalizes a classic idea that in second-best environments trade can induce welfare losses. In a framework that incorporates distortion wedges into a Melitz model, we analyze a channel in which trade can reduce allocative efficiency arising from the reallocation of resources. A key...