Yet another article written by a western chauvinist who does some correct analysis of Chinese strength vs America, dances up to correct analysis of America's weakness, but fails to articulate a correct prescription for America because of a mix of racism and ideological blinders. The following is the most correct excerpt:

It is hard to look at Wall Street trends over the past thirty years without drawing the perverse conclusion that the most effective use of capital, in Wall Street’s eyes, is to pour it into financial assets or the valuations of software companies.

For over thirty years, the PRC has consistently taken the other side of this bet. The PRC evidently believes that hard assets and manufacturing capabilities are good to own, not only for their immediate economic returns but because they bring many valuable intangibles and synergies with them: a highly skilled industrial workforce, faster prototyping cycles, and mastery of supply chains. Thirty years on, can anyone really argue that the PRC bet wrong?

Edit: also note that the negative externalities/antisynergies associated with financial capitalism/deindustrialization are not mentioned - increasing wealth inequality, erosion of democracy, increasing cost of living

Like look at this

Like many Asian countries after the Second World War, we need to discipline our capital and business institutions so that we do not sleepwalk into landlordism, crony capitalism, or disaster.

A little late for that, but sure let's see what the author says about disciplining capital and business. Here's the solution:

The PRC’s internal discourse makes it painfully clear to any serious American observer that peace with China can only be sustained if we stabilize our trade and restore our strength. Any incoming administration must therefore be ready to implement a reindustrialization plan that goes far beyond ad hoc subsidies to address the larger question of why we lost industrial capacity in the first place. This plan should use tariffs and waivers as precision tools for strategic products and industries, but it must also address larger questions of tax, accounting, and finance rules that have contributed to an anti-industry investment environment. Finally, this plan must be implemented with the will to reallocate federal spending to promote world peace through American strength.

What a bunch of empty, handwaving bullshit. This is what happens when an author can correctly identify the need to "discipline capital" but has absolutely no idea what that means, no willpower to do it, and is too chauvinist to learn because it would mean learning about and applying Marxism.