How about a link? Dim sum?
Sorry, but the great Socialist experiment isn't working. China has embraced capitalism, we've gone the other direction, and this is what you get.
Last edited by Lyrical; 12-07-2014 at 07:17 PM.
They also have more than 3x the population... of course they should be the largest economy. They are, however, still rather poor on a per capita basis.
The idea that China doing poorly is good for the US would be pretty bizarre. There's no prize for being the largest economy, whereas the export industry is pretty huge. Wealthier Chinese means more demand for US products, which is good for the US.
And their population is 4.25 times the US, not "almost 3X". Their population is over double the US and EU combined.
To compare countries' economies, you want to use straight-up GDP using the market exchange rate. After all, what you care about is the size of industries in a country, not how much that would buy you in that specific country.
To compare standard of living in different countries, GNI per capita adjusted for PPP is interesting, because you can spend income earned abroad just the same and what you care about is how much the money buys you, not how much it would buy you if you lived in the US. (GDP per capita adjusted for PPP is often used because it's easier to measure, I think, and there's usually little difference.)
To be fair, I said "more than 3X."And their population is 4.25 times the US, not "almost 3X". Their population is over double the US and EU combined.
so can we stop pretending Lyrical knows anything outside of how to put a good shine on a pair of loafers?
Who knows more Keg or Lyrical? Discuss...
Apple faces fresh accusations over China worker 'abuse' - Telegraph. There have also been allegations of the government turning its head the other way, while pollution is pumped in people's drinking water. A few years back, the toymakers were getting hammered for poisonous toys, made where? China. It is very much caveat emptor there.
China seems to be very much like how the US was in the 1930's, when you had kids working 80 hour weeks and dying operating heavy equipment for pennies.
Last edited by Lyrical; 12-08-2014 at 07:56 PM.
I wonder which part of massively subsidizing the real estate market and governmental ownership of the financial sector is naked capitalism.
Report Alleges Worker Abuses at China Toy Factories - Risk Compliance - WSJ
Since you probably won't read that, workers worked up to 120 hours a week, were not paid what they were owed, and operated heavy equipment with fake safety training. There have been countless reports of this over the last ten years, coming out of China. Try watching the news some time. The attitude over there has been if someone dies while working, just roll their body out of the way and find someone else.
Last edited by Lyrical; 12-08-2014 at 11:32 PM.
Well then, fortunate for us we have government regulations preventing companies from treating their workers like fodder.
I'm distressed that pollution and abuse of workers' rights is somehow seen as being "capitalistic." Capitalism, or market-based economies, in fact are all about upholding private contractual agreements and protecting private property rights. That includes paying people for their labor. It's also all about avoiding externalities, which means not allowing damaging pollution (e.g. by creating property rights where a rightsholder can sue). Institutions, too, are part of market-based economic analysis (more so as of late, to be fair) and turn out to often provide very efficient mechanisms, hence why labor safety boards and tradeable pollution permits are superior to having hundreds of thousands of lawsuits brought against every other market participant. (Also because property rights are efficient only when there are zero transaction costs, whereas litigation is just about the opposite of "costlessly and immediately resolved.")
Expendable workers are the soul of capitalism! They're beating us at our own game!
Yes, I'm imagining the WSJ did a series of studies on it, and also that the WSJ got a Pulitzer for it.
"China’s Naked Capitalism: Raucous Industrial Revolution Echoes Era of America's Robber Barons a Century Ago"
The Pulitzer Prizes | Citation
Last edited by Lyrical; 12-10-2014 at 12:10 AM.
Yeah the whole argument is retarded for many reasons. Least of which China has pumped trillions into their economy via their own version of works projects. Calling that naked capitalism is foolish. Amazing what can be done with investment at home instead of using the money to kill brown people.
Yet I'm sure if there was a push for such spending here he and people like tad, bnizzle, merlin would rank and file oppose it because democrats.
Regardless, simple population difference will tell you that the days of the usa driving ridiculous amounts of demand for world resources is over. China and India will be the next leaders in that regard as those billions of people not only continue to have children faster but their populations are also modernizing at a rapid pace.
So no surprise that we are losing our symbolic spot of largest economy.
Last edited by Kedwyn; 12-10-2014 at 12:50 AM.
The American consumer decided they would rather have tons of cheap imported shit that didn't amount to anything long term rather than a smaller quantity of stuff that actually lasted and was worth something. Thus the China boom was set in stone in a way.
What seems to fly over people's heads is that there were systems based around money for thousands of years before capitalism came around. Not every system that holds profit as paramount qualifies as capitalism.
I feel like you're confusing corruption for capitalism. Though I am sure the two go hand in hand and feed off each other in china.
Thoughts on James Rickards and his certainty we are coming to a global collapse in the next two years, and China's credit collapse will be the trigger?
Sounds apocalyptic, but the photos of massive cities freshly built in China and completely empty , skyscrapers and all, just can't be a sign of good things to come
That sounds right to me. The extreme end of either of these philosophies can produce slaves.
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