U.S. President Joe Biden on Thursday called China a "ticking time bomb" because of its economic challenges and said the country was in trouble because of weak growth.
tldr chinas quarterly growth has slowed and liberal economists are claiming china’s miracle is over. private sector investment has shrank 0.2% for the first time since data collection in 2005 but investment by state firms has expanded 8.1% in the same period. there’s also a current global manufacturing recession. doesnt mean “its over” or whatever tf they’re saying but interesting to note.
I mean there will be a point when the Chinese middle class stops growing and the government will need to midwife a new economic model. A Communist Party is probably the only political organization currently in the world that can come up with an answer that isn’t slashing the social safety net and giving big handouts to corporations to keep profits up, though.
im not an expert in political economy, but if you read the article he goes into a lot of specific reasons why china is still in a great position in regards to the future, although it will take responsible leadership that pushes back against mainstream neoclassical economics.
Neoliberalism has been a failure for the actual population. It’s decoupled economic growth from improved quality of life. Meanwhile, social democracies in Europe are showing that other models are practical and viable.
Yeah, “countries” the size of an American suburb don’t matter. Euros are always like “but what about shitsteinburg, a country with a proud national tradition and a population of 37!” Nobody cares.
neoliberalism is a function of capitalism’s contradiction of requiring constant exponential growth. in an infinite timeline neoliberalism will sadly completely consume any semblance of “social democracy”, and you can already see even the classic european social democracies are beginning to eat away at and privatize their welfare states.
other people are also pointing out unequal exchange, which is a critical concept to factor into the equation when trying to understand where the wealth of the european social democracies come from.
he’s probably referring to this https://thenextrecession.wordpress.com/2023/08/02/china-consumption-or-investment/
tldr chinas quarterly growth has slowed and liberal economists are claiming china’s miracle is over. private sector investment has shrank 0.2% for the first time since data collection in 2005 but investment by state firms has expanded 8.1% in the same period. there’s also a current global manufacturing recession. doesnt mean “its over” or whatever tf they’re saying but interesting to note.
https://www.reuters.com/markets/global-economy-asias-factory-activity-shrinks-chinas-slump-global-slowdown-weigh-2023-08-01/
I mean there will be a point when the Chinese middle class stops growing and the government will need to midwife a new economic model. A Communist Party is probably the only political organization currently in the world that can come up with an answer that isn’t slashing the social safety net and giving big handouts to corporations to keep profits up, though.
im not an expert in political economy, but if you read the article he goes into a lot of specific reasons why china is still in a great position in regards to the future, although it will take responsible leadership that pushes back against mainstream neoclassical economics.
Neoliberalism has been a failure for the actual population. It’s decoupled economic growth from improved quality of life. Meanwhile, social democracies in Europe are showing that other models are practical and viable.
Which European country isn’t pursuing neoliberal economics?
Practical and viable so long as you have a massive base of exploited labour in Africa and Asia to prop you up.
GDP Annual Growth Rate in European Union averaged 1.70 percent from 1996 until 2023
https://tradingeconomics.com/european-union/gdp-annual-growth-rate
GDP Growth Rate in Euro Area averaged 0.37 percent from 1995 until 2023
Source: https://tradingeconomics.com/euro-area/gdp-growth
Social Democracies in Europe are showing that you can keep people complacent as long as the oil and the african gold don’t run out. Whoopsie.
Must be forgetting about Finland, whoopsie.
Yeah, “countries” the size of an American suburb don’t matter. Euros are always like “but what about shitsteinburg, a country with a proud national tradition and a population of 37!” Nobody cares.
neoliberalism is a function of capitalism’s contradiction of requiring constant exponential growth. in an infinite timeline neoliberalism will sadly completely consume any semblance of “social democracy”, and you can already see even the classic european social democracies are beginning to eat away at and privatize their welfare states.
other people are also pointing out unequal exchange, which is a critical concept to factor into the equation when trying to understand where the wealth of the european social democracies come from.
https://www.youtube.com/watch?v=rjLmYCfKU7o this video is a really good short primer on the topic!
Here is an alternative Piped link(s): https://piped.video/watch?v=rjLmYCfKU7o
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I’m open-source, check me out at GitHub.
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