Иллюстрация: Gleb Garanich / Reuters
One problem with these mammoth capital cycles is that they create their own momentum with competitors following each other into larger and larger investments because the cost of being wrong models out smaller than the cost of being left behind if it all succeeds as planned. The looming risk is in the aggregate however, as history almost always shows that more gets built than the market can immediately absorb.
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Изображение: Халед аль-Муфти / Associated Press