It has become far too common for westerners to attempt to analyse other cultures from the filter of their own cultural biases and prejuidices. It is similarly problematic to attempt to evaluate China’s economic problems or virtues from the filter of western economic norms and procedures.

The simple reason for this error being that that China’s political economic paradigm is not premised on the same foundational assumptions as that western economic paradigm dominant in the Trans Atlantic neo liberal order where rules of markets, speculation, monetarism and private central banking above nation states has been standardized for decades. If an economic bubble like we see with Evergrande were to burst in the west with the hundreds of trillions of dollars of leveral and derivatives built upon it, that a chain reaction of calamity and horror would certainly arise. So why do we not see such horrors rip the Chinese economy to shreds today?

As Dr. Eamon McKiney describes in the following answer to an audience member during an RTF lecture, the reason has everything to do with PHYSICAL ECONOMY and certain fundamental principles of banking that China adheres to which were once practiced in the west although have long been abandoned.

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One thought

  1. A refreshing perspective on the Chinese economy and the role of the CCB in fine tuning potential problems.

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