The End Of Exceptionalism

We are entering the end of exceptionalism—an era in which wealth, innovation, and leadership are no longer treated as special cases exempt from scrutiny, taxation, or market discipline. Scale still commands rewards, but it now comes with visibility, accountability, and cost. Is innovation no longer exceptional? Maybe when we consider that for years, Chinese biotech benefited from a kind of innovation exceptionalism where domestic policy protection, licensing instead of full global risk, and valu