What are the characteristics of global economic crashes and how do economies adapt to them? Harold James, in his Seven Crashes: The Economic Crisis That Shapes Globalization, addresses this question that is fundamental to economic historians, investors, and policymakers. He argues that global economic crashes happened due to either supply or demand shocks; and in each crisis, major economies had to go beyond expectation to restore economic order and confidence.

The Belt and Road Initiative (BRI) has been the largest infrastructure project devised by a single country in history. It was first announced in 2013 by President Xi Jinping and has since then become China’s flagship strategic initiative. Over the past decade, the cumulative BRI investments around the world have been over 1 trillion USD. A crucial question that many policymakers and researchers ask is, Has the BRI been a success or a failure?