{"id":6030,"date":"2012-11-06T01:38:55","date_gmt":"2012-11-06T06:38:55","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=6030"},"modified":"2012-11-06T01:38:55","modified_gmt":"2012-11-06T06:38:55","slug":"is-china-more-legitimate-than-the-west-bbc","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/06\/is-china-more-legitimate-than-the-west-bbc\/","title":{"rendered":"Is China more legitimate than the West? | BBC"},"content":{"rendered":"

Economist Martin Jacques, author of When China Rules the World<\/em>, sings the praises of China in BBC Point of View<\/a>.<\/p>\n

“Even though China is still a poor developing country, its state, I would argue, is the most competent in the world. Take infrastructure – the importance of which is belatedly now being recognised in the West. Here, China has no peers…….. we are in a new ball game. With the Western economies in a profound mess and with China’s startling rise, the competence of the state can no longer be ignored. Our model is in crisis. Theirs has been delivering the goods.”<\/p><\/blockquote>\n

Patrick Chovanec<\/a> has a different assessment:<\/p>\n

“China’s economic miracle was result of govt getting out of way and letting people improve their lives, not planning by all-seeing mandarins.”<\/p><\/blockquote>\n

China is a developing country, with rapid growth fueled by massive infrastructure investment and strong exports. The country faces diminishing returns on infrastructure investment and dwindling exports — not only from an economic slow-down in the West but from rising wages as the country attempts to boost internal consumption as an antidote to the middle-income trap<\/a> that is already threatening growth in its richer provinces.<\/p>\n

China also faces push-back from the West against trade advantages maintained by suppressing their exchange rate through vendor financing —\u00a0 balancing trade inflows on current account with outflows on capital account. Why else would a developing country hold more than $1 trillion of investment in US Treasuries at negative real interest rates<\/a>?<\/p>\n

Jacques claims that the Chinese state enjoys popular support:<\/p>\n

“But does the Chinese state, you may well ask, really enjoy legitimacy in the eyes of its people? Take the findings of Tony Saich at Harvard’s Kennedy School of Government……… he found that between 80 and 95% of Chinese people were either relatively or extremely satisfied with central government.”<\/p><\/blockquote>\n

One of the most powerful tools of an oppressive state is fear: fear of the unknown. Many of their citizens would settle for the status quo rather than risk the turmoil that accompanies change. The same is true of many autocratic regimes. That does not make them a beacon of good government.<\/p>\n

Western democracy has many problems but the solution does not lie with increasing the size of the state, nor with greater autocracy. Rather we should examine the most successful Western democracies and learn from them. Switzerland would be a good start. Their well-managed economy enjoys low unemployment, a skilled labor force, and GDP per capita among the highest in the world — 70% above the US. The stable democratic government runs with a strong tradition of consensus<\/a> among political parties, while citizens hold a collective right of veto<\/a> over government policy. The country boasts a pristine environment with minimal pollution, a strong human rights record — without oppression of its citizens or minorities — and no territorial disputes with its neighbors.<\/p>\n

Which state would you say is the most competent?<\/p>\n","protected":false},"excerpt":{"rendered":"

Economist Martin Jacques, author of When China Rules the World, sings the praises of China in BBC Point of View. “Even though China is still a poor developing country, its state, I would argue, is the most competent in the world. Take infrastructure – the importance of which is belatedly now being recognised in the … <\/p>\n

Continue reading “Is China more legitimate than the West? | BBC”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41],"tags":[305,663,788,996,1036,3317],"class_list":["post-6030","post","type-post","status-publish","format-standard","hentry","category-china-hk","tag-autocracy","tag-china","tag-consensus-government","tag-democracy","tag-direct-democracy","tag-switzerland"],"yoast_head":"\nIs China more legitimate than the West? | BBC - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is China more legitimate than the West? | BBC - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Economist Martin Jacques, author of When China Rules the World, sings the praises of China in BBC Point of View. “Even though China is still a poor developing country, its state, I would argue, is the most competent in the world. 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On Friday, the central\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33990,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/06\/04\/the-globalization-trap\/","url_meta":{"origin":6030,"position":2},"title":"The globalization trap","author":"Colin Twiggs","date":"June 4, 2022","format":false,"excerpt":"On March 8, 2000, President Bill Clinton made a persuasive pitch to Washington\u2019s foreign policy elite, Congress and the international community, on the merits of China\u2019s accession to the World Trade Organization: \u201cMembership in the WTO, of course, will not create a free society in China overnight or guarantee that\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Corporate Profits as Percentage of Value Added","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-06-01-profits.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-06-01-profits.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-06-01-profits.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-06-01-profits.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":7352,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/28\/chinas-glass-ceiling-geoff-dyer-foreign-policy\/","url_meta":{"origin":6030,"position":3},"title":"China\u2019s Glass Ceiling | Geoff Dyer | Foreign Policy","author":"ColinTwiggs","date":"March 28, 2013","format":false,"excerpt":"Geoff Dyer points out why China's Remnibi cannot compete on the international stage with the dollar, even if China's economy grows larger than the US: For the renminbi to assume a central role, China would also have to make massive reforms to its own economy. 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In particular, three different leaders and their policies apparently weigh heavily on the minds of the new occupants of Zhongnanhai.\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=6030"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6030\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}