Neither works perfectly. I believe in free markets but if we're going to be honest about the history of market economies we should own up to the fact that they don't simply create winners and losers in the short term they enshrine them. Raising tides of wealth float most boats but inequities in resources and inefficiencies in allocation necessarily create permanent losers which may well be the worst system ever invented expect for all the rest but we shouldn't pretend otherwise.
Michael Pettis frequently claims that, by running large surpluses, China is
forcing “the demand-suppressing cost of their policies onto their trading
par...

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