Group items tagged

Almost immediately I saw that its main problem wasn’t the children. This was a book about how women in corporate America could—and should—strive to get the most money and the most power. But where should they seek such power? In the crackling hellfire of C-suite America.

During her 14 years at the company, she’s done so much damage to our society that we may never recover. The simple truth is that you cannot simultaneously dedicate yourself to making untold fortunes for a giant corporation and to championing a social good.

Amy’s a bitch, but an honest bitch,” one man said about her. If I ever write one of these books, I’ll call it A Few Honest Bitches, and explain that if we can get the right kind of women inside these places, we might be able to burn them down.

Why were the progressive worlds of publishing and journalism embracing this junk as some kind of giant step toward equality? It will surely go down in history as one of white feminism’s greatest achievements.

Sandberg invoked the name Goldman Sachs multiple times—in a good way. Mind you, this book was published five years after that despicable outfit played a major role in almost bankrupting the country.

There we were: suckers, lambs to the slaughter. It didn’t even occur to us that all of that information wasn’t “safe.” We didn’t want it to be safe! We wanted our long-lost friends from Brownie Troop 347 to be able to find us! When we realized what we’d done, it was already too late.

“We made mistakes and I own them,” Sandberg eventually said about the Cambridge Analytica scandal. “They are on me.” The impression was of radical transparency, a Harry Truman of the C-suite: The buck stops here.

But according to The New York Times, the buck was about to embark on an Oh, the Places You’ll Go! journey to the bottom of the Earth.

Huge corporations are never, ever on the side of the people. You can’t take your eyes off of them for a second, because any time you look away, they’ll do terrible things

Today’s young people have been forced to learn that old lesson, because they are the inheritors of 40 years of corporate greed, private equity’s smash and grab, bank deregulation, and the collusion of the very rich and the U.S. government to squeeze every penny it can from the middle class and move it into the counting houses of billionaires. They know the game isn’t rigged against them; they know the game was lost long before they were born.

Corporations are now faced with labor shortages, and there are rumblings from the owner class about the demise of the great American work ethic. But corporations are the ones who killed it

Young people today know that work is not your life; it’s how you pay for your life. It’s an exchange of money for labor, and they are not interested in devoting a jot of extra energy to jobs that pay minimum wage and offer no health insurance or savings plan, for employers who show no loyalty to their workers.

I’ve heard a number of young people lately say they won’t have children because of the climate crisis. That’s a tremendous sacrifice and a principled position

A Pew Research Center survey from November found that 44 percent of adults without kids say that they probably won’t have any, up from 37 percent in 2018, the last time Pew asked the question

here’s the thing. Ask any older person when the happiest time in their life was, and they will always, always say it was when their children were young.

There is no greater joy in this life than having a baby. Here is a person who has been uniquely designed to love you. And here is Goldman Sachs.

two uncomfortable facts

First, a number of influential people, both in business and in politics, are deeply financially enmeshed with Russian kleptocrats. This is especially true in Britain.

Second, it will be hard to go after laundered Russian money without making life harder for all money launderers, wherever they come from — and while Russian plutocrats may be the world champions in that sport, they’re hardly unique: Ultrawealthy people all over the world have money hidden in offshore accounts.

the First Amendment and Bill of Rights—cornerstones of the American system of government—limit what laws Congress may pass and therefore what the majority may do. That is their whole point.

Clearly what we want is not unlimited majority rule, but liberal democracy: a majority vote, within the context of protections for fundamental rights. This is still “democracy” in the literal sense—rule by the people—but that rule is limited by liberal principles.

The usual case for liberal democracy is captured in a quote from 20th-century political philosopher Judith Shklar that has been making the rounds recently: “Liberalism is monogamously, faithfully, and permanently married to democracy—but it is a marriage of convenience.”

The idea is that it is impossible to maintain a liberal system—“liberal” in the political philosopher’s sense, meaning a free society—without representative government and other democratic institutions. But democracy is merely a means to an end. It is justified not by an imperative to manifest some kind of mystical collective will, but as a safeguard for individual liberty.

Both liberalism and democracy—as words and as ideas—have their roots in the classical world, and there are two stories from Ancient Greece and Rome that define their proper relationship.

These two stories sum up the promise and peril of rule by the people. The whole trick of liberal democracy is to create a system that will protect us from Tarquin, while protecting Socrates from us.

Yet I think we can encourage a little more love in the marriage between liberalism and democracy by finding some common ground in the basic principles behind them.

The principle behind representative government is the same as that underlying liberalism: the equal rights of individuals. Democracy is founded on the recognition that some men are not born with saddles on their backs, as Thomas Jefferson put it, while others are not born booted and spurred. If all men are created equal, with equal rights, they are entitled to an equal say over how they are governed and by whom.

The populist leader pretends to speak for the people and to champion their interests, but he always defines “the people” to mean his faction. They alone are the real Americans who represent the heartland. Everyone else doesn’t count: Their preferences are presumed to be manufactured and illegitimate—and their rights and interests do not have to be respected.

there is a deeper common value that bonds liberalism and democracy. In a free society, respect for the rights of others requires that you deal with them through bargaining and persuasion rather than coercion. Same for democracy.

A liberal democracy protects against democratic abuses of power through a system of checks and balances, in which some democratic institutions are given the power and incentive to limit other democratic institutions

The reward of a democratic system is not just that it limits the power of our leaders, but that it holds them to account for their mistakes and allows a country to reverse their errors.

Freedom of speech has been called the “first freedom,” but part of the point of protecting speech is to allow us to criticize our leaders so we can then vote them out. Historically, the vote is the first freedom and the origin of all the others

This is why it is so important to protect liberal democracy when any party threatens it and why voters are right to make this a higher priority than other, seemingly more immediate problems

Since 2016, there have been two competing visions for the Democratic Party. One is the promise that began with Barack Obama of a multiracial coalition that would grow stronger as America’s demographics shifted; the other is the political revolution championed by Bernie Sanders as a way to unite nonvoters with the working class

Ms. Ocasio-Cortez bridges the gap between the two

what’s clear is that at a time when Democrats are struggling, she is quietly laying the groundwork to build a coalition broader than the one she came to power with, unafraid to take risks along the way.

After five years in Congress, she has emerged as a tested navigator of its byzantine systems, wielding her celebrity to further her political aims in a way few others have.

Three terms in, one gets the sense that we’re witnessing a skilled tactician exiting her political adolescence and coming into her own as a veteran operator out to reform America’s most dysfunctional political body.

To grasp what sets Ms. Ocasio-Cortez apart from many of her colleagues, you have to understand where she finds allies

In 2019, she and Senator Ted Cruz of Texas considered joining forces to write a bill that would bar former members of Congress from becoming lobbyists. Asked why she would consider an alliance with someone so loathed by liberals, she said, “I will swallow all of my distaste in this situation because we have found a common interest.”

It was a window into the politician she would become: pragmatic and results-driven, willing to work with people she considers her political adversaries, at least on legislation that appeals to her base

She has attributed the success of these efforts at least in part to her role as the second most powerful Democrat on the House Oversight Committee, which she said has “opened many windows” for collaboration.

while these bills may seem like small victories, they are more than that because, in a sense, she is redefining what bipartisanship looks like in Washington.

For decades, bipartisanship has meant bringing together moderates, lobbyists and establishment insiders to produce watered-down legislation unpalatable to many voters in both political partie

What Ms. Ocasio-Cortez is doing is different; she’s uniting politicians on the fringes of American politics around a broadly popular set of policies.

Americans in both parties overwhelmingly say that they don’t trust the government to do the right thing and that donors and lobbyists have too much sway over the legislative process.

more than 8 in 10 Americans believe politicians “are more focused on fighting each other than on solving problems.” One-fifth of respondents said lack of bipartisan cooperation was the biggest problem with the political system.

Ms. Ocasio-Cortez’s efforts to reach out to Republicans are offering what a sizable portion of Americans want from Congress: a return to getting things done.

The few policy matters on which progressives and conservatives align often boil down to a distrust of politicians and of big corporations, particularly technology companies and pharmaceutical giants.

Ms. Ocasio-Cortez has shrewdly made those causes her passion, building alliances with conservative colleagues interested in holding these industries accountable.

Last spring, she cosponsored a bill with, among others, Brian Fitzpatrick, a moderate Republican from Pennsylvania, and Matt Gaetz, the Florida rabble-rouser who has become one of Mr. Trump’s most steadfast allies. The legislation would bar members of Congress from trading individual stocks, a measure that as of the fall of 2022 was supported by nearly 70 percent of voters across party lines.

On Gaza, too, she has been willing to buck other members of her party to pursue an agenda that a majority of voters support. She was one of the first Democrats to call for a cease-fire; within weeks, nearly 70 percent of Americans said Israel should call one and try to negotiate with Hamas.

In March, Ms. Ocasio-Cortez was accosted by a handful of protesters who demanded that she call Israel’s war in Gaza a genocide.

Less than three weeks later, Ms. Ocasio-Cortez did accuse Israel of genocide and chastised the White House for providing military aid to the country while it blockaded Gaza. “If you want to know what an unfolding genocide looks like,” Ms. Ocasio-Cortez said in a speech on the House floor, “open your eyes. It looks like the forced famine of 1.1 million innocents. It looks like thousands of children eating grass as their bodies consume themselves, while trucks of food are slowed and halted just miles away.”

Last month, she voted against providing additional funding for Israel. Those were unpopular positions in Congress, where unconditional support for the country remains the norm, but they put her in line with a majority of Democratic voters.

These stances haven’t been enough to quell the doubts from a faction of the left that helped get her elected. Over the past few weeks, some have accused her of caving in to pressure from moderate Democrats

. Ms. Ocasio-Cortez has taken much of the heat from leftist activists who see her as a symbol of the contradictions and compromises inherent in the political system. It may not be realistic to expect absolute purity from her; she is, after all, a politician. But these critiques overlook the promise of what she’s doing behind the scenes.

Democratic pollsters and strategists are searching for ways for Mr. Biden to win back Muslims and Arab Americans in swing states such as Michigan and Georgia, recent college graduates who hoped to have their student debt forgiven, immigrant-rights activists and Latinos.

Some of the betrayal these voters feel was hardly the president’s fault; he was hampered on student loan debt by a federal judiciary stacked with judges sympathetic to conservative legal arguments, and Congress refused to pass the comprehensive immigration bill he supported in 2021, which would have provided legal status to as many as 11 million undocumented immigrants.

A more gifted orator might have been able to make the structural impediments in his way clear to voters, while also putting forth a proactive vision for dismantling the core problems baked into our politics.

In that, someone like Ms. Ocasio-Cortez, who endorsed Mr. Biden for re-election in 2023, may be able to help. She’s the Democratic Party’s most charismatic politician since Barack Obama and its most ardent populist since Bernie Sanders.

she can offer voters something more substantial than a hollow rebuke of Trumpism

Last month, when the journalist Mehdi Hasan asked her how she’d respond to “a young progressive or Arab American who says to you, ‘I just can’t vote for Biden again after what he’s enabled in Gaza,’” Ms. Ocasio-Cortez said a vote for Mr. Biden didn’t necessarily mean an endorsement of all his policies. “Even in places of stark disagreement, I would rather be organizing under the conditions of Biden as an opponent on an issue than Trump,” she said. It was a shrewd political maneuver, designed to distance herself from Democrats who support Israel unconditionally, while meeting voters — some of whom have lost family members in Gaza — where they are

There are, of course, limits to this strategy. Some on the left see Ms. Ocasio-Cortez’s endorsement of Mr. Biden as a betrayal of progressive values, particularly in the wake of the climbing death toll in Gaza.

The moderate Republicans who turned out for Mr. Biden in 2020 might shrink from a Democratic Party led by someone they consider an outspoken progressive.

But for every moderate or leftist voter lost with a strategy like Ms. Ocasio-Cortez’s, the Democratic Party may be able to win someone new — from the pool of disillusioned Americans who feel shut out of the political process.

In other words, the Marshall Plan and the tech boom during the 1990s were products of their time and place. They wouldn’t necessarily have the desired effects in a modern context.

“A shifting global economy left many working Americans and their communities behind. A financial crisis shook the middle class. A pandemic exposed the fragility of our supply chains. A changing climate threatened lives and livelihoods. Russia’s invasion of Ukraine underscored the risks of overdependence.”

What was the solution? Instead of rampant globalization, Sullivan’s pitch was that a reenergized American economy made the country stronger. It was time to remake the Rust Belt into a Cobalt Corridor, to establish industries that led not only to blue-collar work but to azure-collared careers. If that was done right, a strengthened America could act more capably around the globe.

“This moment demands that we forge a new consensus. That’s why the United States, under President Biden, is pursuing a modern industrial and innovation strategy — both at home and with partners around the world,

Implicitly, Sullivan said the main assumptions undergirding America’s foreign and economic policy had been wrong for decades. China, and the Washington belief that liberalized markets would eventually lead to democracy within the halls of power in Beijing, was the most glaring example.

“By the time President Biden came into office, we had to contend with the reality that a large non-market economy had been integrated into the international economic order in a way that posed considerable challenges,” he said, citing China’s large-scale subsidization of multiple sectors that crushed America’s competitiveness across industries. Making matters worse, Sullivan continued, “economic integration didn’t stop China from expanding its military ambitions.” It also didn’t stop countries like Russia from invading their neighbors.

Standing in front of the esteemed audience, Sullivan was telling them he didn’t want to be caught flat-footed as the global economy reshaped around them. The U.S. government would be proactive, prepared and proud in search of an industrial strategy to undergird American power. Without saying the words, he was offering a plan to make America great again.

A self-proclaimed “A-Team” came together to move beyond the Trump era, but in some ways they embraced elements of it. Not the nativist demagoguery, but the need to return to fundamentals: a healthy middle class powered by a humming industrial base, a humility about what the U.S. military alone can accomplish, a solid cadre of allies, attention to the most existential threats and a refresh of the tenets that sustain American democracy.

“This strategy will take resolve — it will take a dedicated commitment to overcoming the barriers that have kept this country and our partners from building rapidly, efficiently, and fairly as we were able to do in the past,”

AlphaGo’s victory demonstrated the unbridled potential of A.I. to achieve superhuman mastery of skills once considered too complicated for machines.

Mr. Lee, now 41, retired three years later, convinced that humans could no longer compete with computers at Go. Artificial intelligence, he said, had changed the very nature of a game that originated in China more than 2,500 years ago.

As society wrestles with what A.I. holds for humanity’s future, Mr. Lee is now urging others to avoid being caught unprepared, as he was, and to become familiar with the technology now. He delivers lectures about A.I., trying to give others the advance notice he wishes he had received before his match.

“I faced the issues of A.I. early, but it will happen for others,” Mr. Lee said recently at a community education fair in Seoul to a crowd of students and parents. “It may not be a happy ending.”

Mr. Lee is not a doomsayer. In his view, A.I. may replace some jobs, but it may create some, too. When considering A.I.’s grasp of Go, he said it was important to remember that humans both created the game and designed the A.I. system that mastered it.

What he worries about is that A.I. may change what humans value.

His immense talent was apparent from the start. He quickly became the best player of his age not only locally but across all of South Korea, Japan and China. He turned pro at 12.

“People used to be in awe of creativity, originality and innovation,” he said. “But since A.I. came, a lot of that has disappeared.”

By the time he was 20, Mr. Lee had reached 9-dan, the highest level of mastery in Go. Soon, he was among the best players in the world, described by some as the Roger Federer of the game.

Go posed a tantalizing challenge for A.I. researchers. The game is exponentially more complicated than chess, with it often being said that there are more possible positions on a Go board (10 with more than 100 zeros after it, by many mathematical estimates) than there are atoms in the universe.

The breakthrough came from DeepMind, which built AlphaGo using so-called neural networks: mathematical systems that can learn skills by analyzing enormous amounts of data. It started by feeding the network 30 million moves from high-level players. Then the program played game after game against itself until it learned which moves were successful and developed new strategies.

Mr. Lee said not having a true human opponent was disconcerting. AlphaGo played a style he had never seen, and it felt odd to not try to decipher what his opponent was thinking and feeling. The world watched in awe as AlphaGo pushed Mr. Lee into corners and made moves unthinkable to a human player.“I couldn’t get used to it,” he said. “I thought that A.I. would beat humans someday. I just didn’t think it was here yet.”

AlphaGo’s victory “was a watershed moment in the history of A.I.” said Demis Hassabis, DeepMind’s chief executive, in a written statement. It showed what computers that learn on their own from data “were really capable of,” he said.

Mr. Lee had a hard time accepting the defeat. What he regarded as an art form, an extension of a player’s own personality and style, was now cast aside for an algorithm’s ruthless efficiency.

His 17-year-old daughter is in her final year of high school. When they discuss what she should study at university, they often consider a future shaped by A.I.“We often talk about choosing a job that won’t be easily replaceable by A.I. or less impacted by A.I.,” he said. “It’s only a matter of time before A.I. is present everywhere.”

A lot of the news, however, is bad.

The bad news includes examples of people who reacted to Saturday’s events by glorifying violence, or by mocking its victims

The abject tactical failures of the Secret Service pose structural questions that urgently need to be answered.

The first conspiracies came from Trump’s detractors. As soon as the first pictures of his injury emerged, some influential Democratic activists and advisors suggested that this was a false flag operation, designed to strengthen his appeal.

Biden has, for example, repeatedly claimed that he decided to enter the 2020 presidential race after hearing Trump referring to the neo-Nazis and white supremacists who assembled for a deadly rally in Charlottesville in 2017 as “very fine people.” But while Trump was characteristically meandering and irresponsible in his remarks after that rally, he explicitly stated that “I'm not talking about the neo-Nazis and the white nationalists, because they should be condemned totally.”

Parts of the left have justified some forms of violence in the last years. Movements like Antifa explicitly glorify political violence, reserving for themselves both the right to take action against anyone they consider fascist, and the right to determine who should be included in that category

All of this is shameful. It must be called out and condemned without hedging or special pleading. But it also shouldn’t be inflated to imply that the Democratic establishment or the mainstream media has in general started to glorify violence.

Conversely, there is no doubt that parts of the Republican Party and the conservative movement have glorified political violence in the last years.

All of this is shameful, all the more so for coming from the most senior officials within the Republican Party. All of this must be called out and condemned without hedging or special pleading, something that the conservative media ecosystem have notably failed to do.

no excuse for overstating the extent to which the other side embraces political violence. And that is something that the most senior Democrats, from Joe Biden on down, have consistently done.

But the extent of conspiracism was much worse on the right.

he question of the day has come to be whether it is appropriate to portray Trump as an existential threat to democracy.

If it was appropriate to resist Hitler by violent means, and Trump is his modern-day equivalent, then (so goes the tacit implication of the New Republic’s cover), why shouldn’t it be legitimate to resist Trump by violent means?

Depressingly often, in American politics, both sides are badly wrong. In this particular case, it seems to me that both sides are mostly right.

It is perfectly appropriate—even in the aftermath of Saturday’s unconscionable attack on Trump—to warn about what his presidency may mean for America’s democracy. But there is never an excuse—even and especially when the stakes are truly high—for fear-mongering that distorts the exact nature of that threat.

if moments of tragedy and upheaval reveal the true state of a country, the first draft of America’s report card puts it in danger of failing. Most Americans continue to abhor violence. Our mutual hatred still knows limits. And yet the mix of institutional failure, conspiracist thinking, and partisan fear-mongering is very potent. The risk that it may yet set in motion dynamics which overwhelm the decent instincts of most ordinary Americans remains very real

As a history teacher in a large, diverse suburban high school, I have spent more and more time in recent years trying (with mixed results) to "win back" white boys falling down dark internet rabbit holes of racist, Islamophobic and antisemitic conspiracy theories, misogyny, etc. Most of these boys of course do not end up as shooters (when I suspect that might be the case I go right to administration), but they do end up holding horrifying views that bode ill for the future of our polity.

What defies the typical "shooter" stereotype among most in this larger universe of white boys getting radicalized online is that most, though not all, of the latter (in my experience) are among my most intellectually curious, thoughtful and sensitive students. But, to use Professor Henderson's phraseology, they are not "alphas." Some have friends, even girlfriends, but none of them are part of the "popular" crowd. They are bright, but not "good at school" like the students who end up in your Ivy League courses. At 15 or 16 or 17, they feel (correctly) that they have something to offer the world, but feel they have been locked out of all the paths to success in their narrow world: They'll never be star athletes, or valedictorian, or one of the popular kids.

They feel like the message we as a society (schools, YA literature, "mainstream media") are sending them is that "You are privileged; you are the oppressor, you are the cause and beneficiary of all the world's injustices." The complexities of graduate level political theory are generally lost on a teenage boy who feels like the whole world is against him. The irony is these are the boys who actually care about issues of justice. The quarterback and the debate champion don't care if you throw their privilege in their face. They know their worth and are too busy to care.

I am sharing this comment not so much to identify what motivates shooters - I have no expertise in criminal pathology - but more in terms of the educational vacuum creating a generation of disaffected young men open to believe conspiracy theories because we are no longer offering them an alternative narrative of Americanism that speak to them as powerfully as those of the conspiracy theorists, the White Nationalists, and the miraculously save man who will be their retribution.

Mr. Vance “extracted what he needed from Appalachia.” Before anything else, the senator’s first betrayal was of his own region, the first portion of his soul to be sold.

Shortly after “Hillbilly Elegy” was released, writers throughout Appalachia denounced the classism and elitism of the book, as well as the self-serving ambitions of its author.

Without too much hyperbole, it could be said that J.D. Vance — a possible heir to the MAGA movement who has embraced some of the most noxious elements of the alt-right and the national conservative movement — is an infernal creation of the powerful liberals who championed his writing and elevated his platform. It’s hard to imagine that without “Hillbilly Elegy,” which was adapted into a film by the Democratic Party donor Ron Howard in 2020, Mr. Vance would have become the junior senator of Ohio, much less a nominee for vice president

Since being elected to the Senate, in large part due to the financial support of the tech billionaire and right-wing activist Peter Thiel, Mr. Vance has become a zealous convert to the MAGA cause. That’s a stunning reversal for a figure who eight years ago was celebrated as an astute voice of Never Trumper Republicanism, a man of learning who could formulate a centrist conservatism to supplant the dark turn that had taken hold of the G.O.P.

As Mr. Vance noted in a Time magazine interview in 2016, Mr. Trump’s greatest failure as a political leader is that “he sees the worst in people, and he encourages the worst in people.” That’s turning out to be true of Mr. Vance, too.

Eight years ago, during the heated days of the 2016 Republican primary, Mr. Vance wrote that Mr. Trump’s policy proposals “range from immoral to absurd.” A few months later, he referred to Mr. Trump as “cultural heroin,” and called him “unfit for our nation’s highest office.” And memorably, in a text conversation with a former roommate, the future senator worried that Mr. Trump might be “America’s Hitler.”

Mr. Trump’s White House tenure, he said, had changed his mind, but it’s hard to take the senator entirely at his word.

At the outset of Christopher Marlowe’s late 16th-century play “The Tragical History of Dr. Faustus,” the scholar at the center of the tale abandons all the learning he has mastered. Law, philosophy, medicine — none of these have fulfilled his boundless ambition. Instead, he turns to magic, making the fateful decision to sell his soul to the demon Mephistopheles, for what he “most desires” — “a world of profit and delight, /Of power, of honor.”

Stock prices of its five biggest makers of panels and other equipment have halved in the past 12 months. Since late June, at least seven large Chinese manufacturers have warned that they will announce heavy losses for the first half of this year.

The turmoil in the solar energy sector amid enormous factory capacity and booming exports highlights how China’s industrial policymaking works. The government decided 15 years ago to put extensive support behind solar power, and then let the companies claw it out. Beijing has shown a high tolerance for letting firms stumble and even fail in large numbers.

Something similar is happening in the automotive sector. Annual car sales in China are around 25 million a year, more than any other country but barely half the country’s ability to make vehicles. So automakers in China are now following the solar industry’s lead in cutting prices sharply and ramping up exports.

China’s approach can lead to big financial losses for local governments, state investment funds and state-supported banks, all of which bankroll companies in favored industries.

Sunzone’s rivals, including Tongwei and Longi Green Energy Technology, gained formidable economies from large-scale production. They have plowed part of their extra revenue into developing solar panels that are increasingly efficient at converting sunlight into electricity.

The rise and fall of Hunan Sunzone Optoelectronics in Changsha, the capital of Hunan Province in south-central China, is a case study of how China’s policies work.

“It’s a very expensive development model, but it produces national champions quite reliably,” said David R. Hoffman, a senior adviser on China for the Conference Board, a global business group.

Despite the financial help, Sunzone’s factory now sits empty. A large “Sunzone” sign on the second floor rusts in the swampy heat of Changsha. The only person still working at the site on a recent afternoon, a security guard, said that manufacturing equipment was removed in January and the factory was set to be demolished and turned into office buildings.

Sunzone epitomizes how lavish lending from state-owned banks and generous local subsidies have produced manufacturing overcapacity. Solar companies cut costs and prices sharply to maintain market share. That led to a few low-cost survivors while many other competitors were driven out of business in China and around the world.

China’s banks, acting at Beijing’s direction, have lent so much money to the sector for factory construction that the country’s solar factory capacity is roughly double the entire world’s demand.

Started in 2008, the solar panel manufacturer benefited early on from practically every possible subsidy. It got 22 acres of prime downtown land in the heart of the city almost for free. One of China’s biggest state-owned banks arranged a loan at a low interest rate. The Hunan provincial government then agreed to pay most of the interest.

Many other factories, like Sunzone’s, quickly become obsolete.

“Enterprises continue to put advanced production capacity into operation to maintain competitiveness” said Zhang Jianhua, director of China’s National Energy Administration, at a news conference last month. “At the same time, the outdated production capacity is still extensive and needs to be gradually phased out.”

Compounding the problems facing China’s solar energy companies is the rapid disappearance of local subsidies. Local governments are running out of money as a housing crisis makes it hard for them to sell long-term leases on state land to real estate developers — previously their biggest source of cash.

Partly because of worries about Chinese subsidies, President Biden last month allowed steep tariffs that had expired to go back into force on solar products imported from Southeast Asia that use lots of Chinese components. And the Department of Commerce has begun trade cases against imported solar panels that could lead to further tariffs.