February 21, 2016

CAN'T HAVE A CLASH OF CIVILIZATIONS WHEN THERE IS JUST ONE:

The China Delusion (Rob Johnson, 2/16/16, Project Syndicate)

For some people, visions of the wonders of capitalism with Chinese characteristics remain undiminished. They are certain that, after more than three decades of state-directed growth, China's leaders know what to do to turn their slumping economy around.

The optimists' unreality is rivaled by that of supply-siders, who would apply shock therapy to China's slumping state sector and immediately integrate the country's underdeveloped capital markets into today's turbulent global financial system. That is a profoundly dangerous prescription. The power of the market to transform China will not be unleashed in a stagnant economy, where such measures would aggravate deflationary forces and produce a calamity.

Contra Samuel Huntington, there are no functional alternatives to the End of History.
Posted by at February 21, 2016 8:25 AM

  

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