Chinese Economics Thread


Lethe

Senior Member
What do you want more from us to do? Wtf does your comment even mean?
It means that I'm disappointed by the rhetoric that I've observed from some posters here of late, though I can't say that I'm surprised. A rise in expressions of hostility and enmity of all kinds is an inevitable consequence of deteriorating government-government relations, but though predictable it is still regrettable.

I would prefer that folks were able to express their displeasure with the policies adopted by particular governments in ways that did not express an ethnic or cultural enmity or appear to celebrate the suffering of others. Unfortunately, there are relatively few who are able to resist the call of nationalism and its easy transition into hatred of the other. Until recently SDF has been a better environment than most in this respect, and I regret that that appears to be changing.
 

spring2017

New Member
Registered Member
More news to get those China haters to get riled up and beat up on Asians living in the US.

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Unfortunately, this is not something to celebrate, not for the people of China.

In fact, this is a disgrace when GDP per capita of China is only a fraction of U.S.

It is also alarming, as the growing strength of capitalists in China will change the policy of China and make it more capitalistic. That means, more like India or Brazil.
 

spring2017

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Registered Member
Here is an old article.

Apparently Prof. Hudson advised or still advises the upper management of the CCP. Details are not easy to find.
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Financial Capitalism v. Industrial Capitalism

By Michael Hudson

Thursday, September 3, 1998

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Thanks for sharing. This article demonstrates the degeneration of capitalist system, which is seriously long out of its expiration date.
 

foofy

Junior Member
Registered Member
Unfortunately, this is not something to celebrate, not for the people of China.

In fact, this is a disgrace when GDP per capita of China is only a fraction of U.S.

It is also alarming, as the growing strength of capitalists in China will change the policy of China and make it more capitalistic. That means, more like India or Brazil.
Growing of billionaires mean people are invest, invent and innovate, especially in China, where many new billionaires are from manufacturing and IT sectors.
 
Unfortunately, this is not something to celebrate, not for the people of China.

In fact, this is a disgrace when GDP per capita of China is only a fraction of U.S.
Do not agree. The fact is that wealth and standard of living in China is rising throughout every class; that there are more billionaires simply means that China is becoming an environment that is increasingly full of opportunities to nurture ideas. You don't have to drag down the rich and exceptional thinkers in order to close the wealth gap if the situation is improving for everyone. Hammering down on those people is the worst approach to equality; you need to uplift the poor and create more opportunities for them instead. You only need to worry about there becoming too many uber rich if your working class is getting poorer and increasingly drained diminishing their standards of living.
It is also alarming, as the growing strength of capitalists in China will change the policy of China and make it more capitalistic. That means, more like India or Brazil.
That's a ridiculous comparison. China is fundamentally different from these places with much superior leadership structure. Using them to represent the rise of capitalism in China makes as little sense as it does to use Venezuela and Cuba to represent the rise of communism in China.
 
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spring2017

New Member
Registered Member
Growing of billionaires mean people are invest, invent and innovate, especially in China, where many new billionaires are from manufacturing and IT sectors.
India has many billionaires, you know how well India is doing.

Billionaires do not manufacture and do develop technology, workers and scientists do. We don't even need them to invest, the state can do that.

The wonderful military advance we are witnessing today are all come from the government, the scientists and workers of China, not billionaires.
 
India has many billionaires, you know how good Indian is doing. Billionaires do not manufacture and do develop technology, workers and scientists do.
That's incredibly ignorant. All over the world, self-made billionaires are known for their inventions and big ideas. Maybe they don't continue to develop every detail but rather hire niche specialists for it, but they are the directors of their companies managing the resources and following the big trends to decide what type of innovation to invest in.
We don't even need them to invest, the state can do that. The wonderful military advance we are witnessing today are all come from the government, the scientists and workers of China, not billionaires.
China has traditionally lacked private innovation and been heavy on state-sponsored innovation but that doesn't mean that it won't benefit China to turn that engine on as well. Despite the brilliant success of China's state-sponsored programs, China still lacks in overall technology compared to the US, and per capita innovation compared to many developed nations that enlist the innovative power of their populations. Well, that's not a game that only those countries can play. China has more people than any other country in the world, and very smart, logical people who excel at STEM subjects at that. When China becomes an environment that can draw upon the power of its people to innovate and they combine that with the power of the state, China will truly explode to leave all other countries in the dust. But disallowing private wealth accumulation is stymying a massive engine of innovation and forcing China to fight with one arm behind its back.
 
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spring2017

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Registered Member
Duty of private enterprise. China property conglomerate Biguiyuan built a technical college for poor people, free of charge.

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How many such schools are built by billionaires? How many are built by the state? I am sure there are a few kind-hearted billionaires, but capitalists as a class are greedy. The Chinese government should and can build much more such schools, if they tax all the billionaires properly.
 

Lethe

Senior Member
Unfortunately, this is not something to celebrate, not for the people of China.

In fact, this is a disgrace when GDP per capita of China is only a fraction of U.S.

It is also alarming, as the growing strength of capitalists in China will change the policy of China and make it more capitalistic. That means, more like India or Brazil.

The growth of billionaires is a problem for two main reasons:

1. Such concentration of wealth is a very inefficient allocation of national resources. The hyper-wealthy simply do not spend enough of their money to turn the wheels of society, and this is one of the major reasons why western economies and societies have been sputtering these past decades: under neoliberal policies the billionaire class grows ever larger and more obscenely wealthy, but that wealth is unproductive. There are only so many luxury yachts one can buy. The golden age of western societies corresponded with periods of very high taxation and redistribution of wealth driving demand from the middle class.
2. It is a political challenge to the authority of the CCP, and more broadly to any form of government that seeks to employ rational intelligence in service of a broadly construed national interest. Wealth is power, and those with wealth will seek to use that wealth to advance their own interests which do not necessarily correspond with those of broader society. See the Wall Street plot to overthrow the American government in the 1920s.
 

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