Whilst China kept her head down ass up toiling unceasingly and thinking continuously in finding ways to do things efficiently and efficaciously, the US Hegemon and World Bully continues to invade and foment wars to fuel the wealth of its select few wealth barons and pugnacious military generals...
Hey that's not true. Haven't you seen the super high-tech high-speed rail in California whose construction is going really well and how well the trains stay on the tracks in rural Ohio? Checkmate.
It's really quite ironical when you think about it: the Chinese are in fact better "capitalists" then the most avowed capitalists themselves are. We in the West normally have to subsidize public transport to make it viable.
Jun 14, 2023·edited Jun 14, 2023Liked by Godfree Roberts
Your point is true if we see Capitalism as only "Capitalism". Fact is, China and USA are running different forms of Capitalism. China is "Industrial Capitalism" and the USA is "Finance Capitalism". The former channels credit to infrastructure, education, manufacturing etc.. which create "tangible" goods that benefit most of society while the latter channels credit mainly towards speculative industries like the FIRE sector (finance, insurance, real estate) which mostly benefit the wealthy and top 20% of society. Learn more here: https://michael-hudson.com/2021/01/the-rentier-resurgence-and-takeover-finance-capitalism-vs-industrial-capitalism/
You're right of course, "capitalism" is not a binary state but a kind of umbrella term. The distinction between "capitalism" and "socialism" is in fact becoming less relevant, have written about this on my Substack. I've seen Michael Hudson making that distinction between rent-seeking and productive investment frequently.
Whilst China kept her head down ass up toiling unceasingly and thinking continuously in finding ways to do things efficiently and efficaciously, the US Hegemon and World Bully continues to invade and foment wars to fuel the wealth of its select few wealth barons and pugnacious military generals...
Hey that's not true. Haven't you seen the super high-tech high-speed rail in California whose construction is going really well and how well the trains stay on the tracks in rural Ohio? Checkmate.
Then of course there is the mythical Hyperloop, which wiser minds in Thailand think would be a far better choice than Chinese HSR 🙃
It's really quite ironical when you think about it: the Chinese are in fact better "capitalists" then the most avowed capitalists themselves are. We in the West normally have to subsidize public transport to make it viable.
Your point is true if we see Capitalism as only "Capitalism". Fact is, China and USA are running different forms of Capitalism. China is "Industrial Capitalism" and the USA is "Finance Capitalism". The former channels credit to infrastructure, education, manufacturing etc.. which create "tangible" goods that benefit most of society while the latter channels credit mainly towards speculative industries like the FIRE sector (finance, insurance, real estate) which mostly benefit the wealthy and top 20% of society. Learn more here: https://michael-hudson.com/2021/01/the-rentier-resurgence-and-takeover-finance-capitalism-vs-industrial-capitalism/
You're right of course, "capitalism" is not a binary state but a kind of umbrella term. The distinction between "capitalism" and "socialism" is in fact becoming less relevant, have written about this on my Substack. I've seen Michael Hudson making that distinction between rent-seeking and productive investment frequently.