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  • AssortedBiscuits [they/them]
    ·
    7 months ago

    The PRC has experienced unprecedented economic growth while more or less dodging the boom-bust cycle, but losers want to attribute their unprecedented economic growth to capitalism and wonder why nobody wants to give socialism a chance lol. The British empire practically colonized the entire world, but they still weren't able to escape the boom-bust cycle. I guess China capitalists have big brains and summon the spirit of even bigger brain Confucius to escape the boom-bust cycle through interest from a bunch of infrastructure loans.

    What if I told you capitalism is actually not that great in economic development and that the main reason why Western countries were able to economically develop has more to do with colonialism than capitalism?

    • HeavenAndEarth [she/her]
      ·
      7 months ago

      China does have a boom-bust cycle now https://kanebridgenews.com/chinas-40-year-boom-is-over-what-comes-next/

      • LesbianLiberty [she/her]
        ·
        7 months ago

        While the claim may have merit, it requires more evidence than a WaPo article. The following paragraph is, I think, interesting.

        What will the future look like? The International Monetary Fund puts China’s GDP growth at below 4% in the coming years, less than half of its tally for most of the past four decades. Capital Economics, a London-based research firm, figures China’s trend growth has slowed to 3% from 5% in 2019, and will fall to around 2% in 2030.

        Stop the presses!!! Less than 4% yoy growth 😱??? This still far exceeds American growth. This article is old enough that updated data may have been released to confirm the authors' conclusions, so, to make a claim like that meritously it might be worth doing that and engaging with the data outside of a newspaper which is owned by one of the richest men in the world and based in the capital of the world's most brutal and extractive empire which benefit from anti-communist propaganda. I don't say this to dismiss any possibility of economic slowdown however, merely that the burden of proof on this is higher than WaPo.

      • AssortedBiscuits [they/them]
        ·
        7 months ago

        Signs of trouble extend beyond China’s dismal economic data to distant provinces, including Yunnan in the southwest, which recently said it would spend millions of dollars to build a new Covid-19 quarantine facility, nearly the size of three football fields, despite China having ended its “zero-Covid” policy months ago, and long after the world moved on from the pandemic.

        Building a quarantine facility to handle Covid means your economy is down the shitter while no longer keeping track of Covid cases means your economy is booming.