Paper Dragons: China and the Next Crash by Walden Bello – review
A welcome critique of global finance is admirably angry but fails to properly identify the crisis brewing in Beijing
The great dividing line in economics – ever since its birth – is how to think about money. Are money and the financial systems through which it flows essentially irrelevant, no more than lubricants of the real economic business of producing and distributing goods and services? Or do they instead change everything?
The great crime of the rise of free market economics is that it took the first view. Free up markets for goods, services, labour, land and property, argued the self-styled economic counter-revolutionaries, reduce or eliminate the role of the state, and capitalist economies will self-ignite. The same goes for finance: remove any regulation that gets in the way of a free market for money and credit, and similar wonders will be worked for banks. The only worry about money is that the state prints it, and states are not to be trusted. Control the supply of money, and let the market do the rest.
＼ 最新情報をチェック ／
