Finally, Streeck argues that economic stagnation, a long-term period of lackluster economic growth, will lead to the fall of capitalism. Growth will continue to decline, while risk goes up, and ultimately, “the struggle for survival will become more intense” (Streeck 58). This stagnation is not confined solely to purely capitalistic countries however, wrinkling Streeck’s argument. China, for example, which practices state capitalism, still has a very interventionist economy with significant central planning. In the Heritage Foundation’s 2017 Index of Economic Freedom, China was ranked 111th in the world, fitting in the “mostly unfree” cohort (2017). According to the American Enterprise Institute, or AEI, “the most likely economic scenario over the course of the next decade [for China] is not high growth or an economic collapse, but stagnation” (Blumenthal). …show more content…
The AEI argues that “more state action—such as credit provision or infrastructure spending—cannot reverse it. A return to a healthy economic trajectory will require resuming pro-market reform” (Blumenthal). It is not capitalism that leads to stagnation, but rather poor economic policy. This line of thinking is further endorsed by Fred Hu, a former Greater China chairman for Goldman Sachs, who has previously advised the Chinese government on economic policy. Hu argues that without reform away from central planning, China will face “loss of growth momentum, [and] a slow descent into economic stagnation” (Hamlin). Stagnation, while an important issue, is not a sign of self-destruction from capitalism. China is evidence that stagnation can, and will occur in a variety of economic systems, thus rebutting Streeck’s
Mark Zepezauer’s article, “MK-Ultra from the Book the CIAs Greatest Hits” discusses the psychology experiment conducted by the CIA, MK-Ultra. The MK-ultra conducted a study that used mind control on their participants. Zepezauer recounts the events of the CIA tries to defend their stance by claiming they used the method in response to the brainwashing from the Chinese that was happening in the fifties. He says that mind control practices took place prior to 1953, but became popular after the experiment. He continues to explain how the CIA would use drugs, including LSD, and test them on their patients that were unaware of what tests were upon them. Zepezauer reveals that multiple suicides also took place in response to the given substances. He deliberated how the CIA rented out apartments and used prostitutes in their study. They used them to slip the drugs into their client’s pockets and the CIA would look through one-way mirrors to see the client’s response. Once the auditors discovered this, the MK-Ultra shut down and renamed the MKSEARCH. Mark Zepezauer
It is this that has sparked China’s vulnerability to external shocks. In 2011, China’s exports amassed almost $2 trillion, however in Feb 2012, China recorded a $31.5 billion trade deficit as a result of the European sovereign debt crisis in which China’s main trading partners plunged into recession. China’s severe BOGS decrease is an attempt to control growth and a sustained level of 7.5%. Investment policies are also critical for China to achieve economic growth and development. Foreign Direct Investment (FDI) in China is being sought primarily in the redesign of State Owned Enterprises (SOE’s) and in the development of interior provinces. Between 75-80% of World Bank loans to China in 2008 were directed to the central and western regions, the most economically disadvantaged. This promotes increased wealth within China, leading to higher levels of development due to a more positive Human Development Index (HDI), which currently sits at 0.687, up from 0.677 in 2010. Thus, trade and investment are critical factors in ensuring that China’s growth remains sustained at 7.5% whilst still encouraging increases in development.
I’m pretty sure Craig Spencer felt the exact same way when he ate at a public restaurant, rode the subway, and went bowling in Brooklyn and look where that has gotten him. Troops who are returning from West Africa are being quarantined just like the astronauts of Apollo 11 were quarantined and no one thinks or thought any less of them for doing so. I believe that it is more heroic of them to have taken the necessary precautions to protect even more people than they already have rather than to just puff out their chests and say they’re invincible. In an article called “Ebola-Quarantine Objections are Frivolous,” Law Professor Eugene Kontorovich elaborated on the fact that courts have continuously advocated for quarantines for infectious diseases like tuberculosis and smallpox.
High government intervention has also had positive effects on China’s economy. Since the Global Financial Crisis of 2007-08, China has become increasingly
Hung’s stated goals are as follows. First, he aims to outline the historical origins of the capitalist boom in China as well as the conditions which predicated said boom. He also names four conceptions against history to explore the global effects of China’s capitalist boom and the limit of that boom. Firstly, he seeks to challenge the notion that China is challenging the United States neoliberal order. Secondly, he examines the belief that the increasing incomes of poor Chinese citizens helps to reverse worldwide income polarization. Thirdly, he analyzes the claim that China’s rise is challenging Western dominion over the world, and is radically altering the world order. Lastly, he plans to evaluate the assertion that China has been emerging as the most powerful driver of growth since the global financial crisis. He plans to devote a single chapter to the refutation of each of these views and explanations of why they overstate the importance of China, in addition to several introductory chapters describing China’s rise. He aims to prove with this work that China is no different than the other major capitalist powers, that its boom is dependent on the global neoliberal order, that its boom contributes to rampant inequality, and, in sum, that China is just a foundation of the capitalist status quo.
In Susan Shirk’s book ‘Fragile Superpower’, the author illustrates that the multitude of internal problems that China faces and will continue to face could potentially undermine its peaceful rise. Although the Chinese people have experienced a major upgrade in their living standards in just twenty-five years, the Chinese economic transformation has not been without significant social and environmental costs. As a consequence of its economic transformation, China has developed a number of internal stresses, which have posed existential threats to its national economy and political structure. One of these stresses is a growing shortage of natural resources in China. One significant systemic level cause for the rise in Chinese developmental finance
I visited China about a year ago, however everything I saw was discussed by Magdoff and Foster in what Every Environmentalist Needs to Know about Capitalism. The intense pollution is enough to make the citizens stay inside for the day, as we here in Colorado might for a snow day. The sights witnessed there is sound evidence that support Magdoff and Fosters argument that capitalism is the primary driving force behind environmental degradation. An explorative journalistic piece by NBC’s 60 minutes Lesley Stahl, revealed that there are currently multi-billion dollar cities being built in China that are completely vacant. China’s massive economic growth can be attributed to policies set forth by the Chinese government some years ago. The Chinese wanted to, ‘catch up with the world, “20 years in a day.” Their ability to actually live up to this goal shows that their government highly values economic growth and will do anything to support it, even at the cost of the environment. This example of the Chinese government is reflective of how most of the world values economic growth, though extreme. Because, no country wants to be in a recession, it is bad for the people causing deep strife in the balance between the environment and economic growth. This paper will utilize the writings of Magdoff and Foster to contend that the way we think about economic growth is harmful to our environment. Additionally this paper will argue that violence is the often necessary for an ideal
Despite extensive criticism, proponents of the measure feel that it has improved life in China. The policy, implemented in 1979, “was created by the Chinese government to alleviate social, economic and environmental problems in China” (Cabrera). Supporters of the policy claim that is has been successful. One measurement of a country’s success is its financial growth and China has seen an improvement in that respect. “With that rapid GDP growth, has come better nutrition, rising levels of education, longer life expectancies, and higher living standards for the vast majority of Chinese people.” (Azubel 2). Unfortunately, that financial growth has had little impact on the isolated farms and villages.
However, the implications of globalisation can form volatility in the international business cycle. Highly integrated economies are at greater risk of experiencing economic downturn in the business cycle. Therefore, China’s utilised process of economic liberalisation has reflected in ability to embrace globalisation and maximise the benefits of economic integration and rapid growth. As this evolutionary process continues, by 2025 China will be the world’s biggest economy (Ross Gittins: How Asia is catching up with the rich West). The Chinese ‘economic renaissance’ began in the 1970s after the government converted from socialist economy to a capitalist economy.
China has reached a milestone in terms of achieving its centenarian goal of making China a prosperous nation once again. One of the ways that it has done this is by having steady economic growth even in the midst of an economic crisis. Not only has China’s economy grown, but its standard of living has also improved, it has achieved this by spending 70 percent of its fiscal revenue towards improving people’s standard of living. China has also pushed more anti-corruption reforms and has made efforts towards widening its economy by setting up freer trade.
According to McCloskey, the fact that the world is filled with moralistic evil acts and avoidable sufferings that result in the destruction of innocent people is a prima facie case for the non-existence of a Perfect God. J.L. Mackie (2009) reaffirms this premise and makes an additional claim that is a logical approach to the problem of evil. He declares that if God exist then evil does not exist, and this statement is contradictory to logic. While there are some considerations for the concepts of the lesser evil or the greater good, the burden of proof is with the atheists rather than the theist that defends the premise that a Divine God can allow evil.
Since the financial tsunami and the bankruptcy of Lehman’s Brother in September 2008, the world’s economy took a deep plunge and the Chinese economy is no exception. In the wake of the global financial crisis, The Economist (2008) reported that China’s real GDP growth slowed to 9 percent in the third quarter of 2008 and export growth slowed to 21.1%. It was, in fact, well below analyst expectations and recent
The United States held 24.6% of world income in 1980 and 19.1% in 2011. (Sachs 2012) Many also believe that China is set to become the world’s largest economy in the near future. However, the ‘danger’ for US power is not that China will become the strongest economy on the global scale. As Drenzer argues, China ‘won’t prosper economically, as it won’t embrace capitalism’. In the long run, the danger to the US is that US power will decline ‘on all fronts’, not just economically. (Drenzer, Rachman & Kangan)
. Xiaoping implemented significant change going from a centrally planned economy run by the state, towards a private entrepreneur market based economy. This transition to a new type of socialist thinking, known as the socialist market economy, proved highly successful as it allowed China to move from a nation in poverty ruled by a single person to the second largest economy in the world. A more sudden or abrupt change could have easily resulted in the fall of China’s economy, similar to what certain European countries experienced in 1991 at the end of the cold war between the super powers.
The purpose of this essay is to show how the economy of China has, and is changing, becoming the second largest economy in the world today. Although China is currently under the leadership of Xi Jinping, this essay will concentrate primarily on the actions undertaken by then President Mao Zedong, followed by then President Deng Xiaoping, (sans mention of Hua Guofeng). Given the relative infancy of Xi’s assumption of power, economic policies still remain largely rhetorical in form. Likewise, the majority of literature concerning economic policies under Xi are largely speculative, often citing strategies and ambitions as opposed to thereby, lacking a solid basis for rational induction In addition to China’s lack of transparency, In addition, it will be shown that the methodology behind the Chinese economy demonstrates the implementation of varying levels of the characteristics associated with the schools of Realism, Marxism and Liberalism. Thus, China’s approach to global trade in the 21st Century is pluralistic, testamentary to the failed economic