I think you may want to look at Ray Dalio’s The Changing World Order. It explains both the economic logic and cultural basis for things that you touch on. A lot of good detail on both the US and China in the framework of monetary systems.
Hi, Kaiser. Thanks for this (and so much more). Just a quick thought: this is exactly Meredith Woo’s argument about how South Korea became, well, South Korea, in her brilliant Race to the Swift.
Not enough discussions/comparisons of how much China invests/spends on education vs America, including all that infrastructure and whether private or public. And how that investment translates into talent/labor development to avert shortages, let alone guiding people toward different opportunities as the economy shifts/innovates. And how education spending at multiple levels, including US federal grants to higher education institutions, is part of the service economy - so much of it now going bust - poof - b/c thumps-its-name and co. have some kind of resentment psychosis they need to act out b/c they got confused by all that U.S. News rankings crap about higher ed being some sort of yesteryear designer jeans label thing.
I love this piece both for illuminating the differing perspectives on economic growth and well being in the US and China, but also how it calls out the life style benefits of investment in good public goods and infrastructure. Just back from another visit to Tokyo and Paris, and the ability to move easily around and partake in cultural, gastronomic, natural and communal activities that affords is hard to overstate.
Ironically, it seems the Chinese government isn't studying Marx enough. According to old Karl, the reason for the recurrent crises in capitalism is that workers are exploited and can't consume enough, while the capitalists get too large a share of the value added in production, and that leads to overinvestment, falling profit rate and economic crises. Sounds kinda familiar, doesn't it?
I think you may want to look at Ray Dalio’s The Changing World Order. It explains both the economic logic and cultural basis for things that you touch on. A lot of good detail on both the US and China in the framework of monetary systems.
https://economicprinciples.org/
And I also liked Labatut’s book, though it didn’t lead me to think about China.
Hi, Kaiser. Thanks for this (and so much more). Just a quick thought: this is exactly Meredith Woo’s argument about how South Korea became, well, South Korea, in her brilliant Race to the Swift.
Not enough discussions/comparisons of how much China invests/spends on education vs America, including all that infrastructure and whether private or public. And how that investment translates into talent/labor development to avert shortages, let alone guiding people toward different opportunities as the economy shifts/innovates. And how education spending at multiple levels, including US federal grants to higher education institutions, is part of the service economy - so much of it now going bust - poof - b/c thumps-its-name and co. have some kind of resentment psychosis they need to act out b/c they got confused by all that U.S. News rankings crap about higher ed being some sort of yesteryear designer jeans label thing.
I love this piece both for illuminating the differing perspectives on economic growth and well being in the US and China, but also how it calls out the life style benefits of investment in good public goods and infrastructure. Just back from another visit to Tokyo and Paris, and the ability to move easily around and partake in cultural, gastronomic, natural and communal activities that affords is hard to overstate.
Ironically, it seems the Chinese government isn't studying Marx enough. According to old Karl, the reason for the recurrent crises in capitalism is that workers are exploited and can't consume enough, while the capitalists get too large a share of the value added in production, and that leads to overinvestment, falling profit rate and economic crises. Sounds kinda familiar, doesn't it?