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As activity restarts following pandemic lockdowns and countries like China struggle to restore normality, the global economy is enduring something “we’ve never done before,” the Columbia University professor said in an interview in Lindau, Germany.
"The United States is intent on creating its own supply chains for advanced semiconductors in order to compete with China," Jeffrey Sachs, economics professor at Columbia University, told Xinhua.
Economists Joseph Stiglitz at Columbia University and Kevin P. Gallagher at Boston University wrote earlier this year that “forcing excessive repayments lowers the productive potential of the borrowing country, but also harms creditors” and requires borrowers “to pay more at exactly the moment when they are most squeezed from market access in any other form.”