That's the standard wisdom, sure.http://www.unz.com/article/chinas-financial-debt-everything-you-know-is-wrong/ …
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Replying to @Outsideness @rec0nciler and
Makes China out to be a glorified technocratic ponzi scheme. Malinvestment is still just that, whether spent on infrastructure or welfare.
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Replying to @mfckr_ @rec0nciler and
If you think Chinese transport infrastructure spending is "malinvestment" you've been deluded by ideology. It's a model of the opposite.
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Replying to @Outsideness @rec0nciler and
Of which we have no way of adjudicating how much was needed or wanted by those living there. And how much was pretense for govt gibs.
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Replying to @mfckr_ @rec0nciler and
Those two options draw the worst Venn diagram ever. An extraordinary development process has been catalyzed by this spending.
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Replying to @Outsideness @rec0nciler and
Does everyone sleep through the lecture on opportunity cost yet pretend to be 'capitalist', or what?
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Replying to @mfckr_ @rec0nciler and
In the real world, if you leave assets on the table the government will blow them on something REALLY stupid (like welfare systems).
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Replying to @Outsideness @rec0nciler and
Or blow them on "muh extraordinary infrastructure". Nevermind the lost entrepreneurial potential that may've yielded superior outcomes.
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Replying to @mfckr_ @rec0nciler and
This is madness. China is in transition from a Maoist command economy, not 19th century UK-style classical liberalism. ...
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Replying to @Outsideness @mfckr_ and
... The counter-factual floating behind your account has Chinese private capital plundered for public infrastructure projects. ...
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... That's utterly hallucinatory. The entire private capital stock has been boot-strapped into existence within less than four decades.
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Replying to @Outsideness @rec0nciler and
The line between state vs. private capital gradates from blurry to nonexistent in China. Even the article you posted elucidates as much.
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Replying to @mfckr_ @rec0nciler and
China is coming out of the same place the West is going. Difference is, it's heading in the right direction.
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