06/13/2011 12:08 pm ET | Updated Aug 13, 2011

China Encourages U.S. To Ramp Up Defense Spending

One popular narrative credits the end of the Cold War to a US strategy to bankrupt the Soviet Union. Well aware of the advantage conferred by its superior economic performance, Washington pushed Moscow into a military competition that drained the USSR of its resources. In this narrative, US President Ronald Reagan's push to create a missile defence system -- realistic or not -- was the straw that broke the Soviet back.

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