Maonomics by Loretta Napoleoni

Author:Loretta Napoleoni [Napoleoni, Loretta]
Language: eng
Format: epub
ISBN: 978-1-60980-352-0
Publisher: Seven Stories Press
Published: 2011-10-11T04:00:00+00:00

THE CHINESE NEW DEAL

Beijing has used the immense monetary reserves accumulated in the last twenty years to launch an economic bailout plan along the lines of the old American New Deal: roads, schools, hospitals, a “futuristic” railway network (like the train connecting Wuhan and Guangzhou at the speed of 350 kilometers per hour), and an extensive highway system. All these innovations have gone hand in hand with generous investments in the renewable energy sector. It is, in short, a “revised and updated” version of the policy Keynes produced for Roosevelt—but in a communist country. How is this possible? Patrick Chovanec explains:

The government did a good job doling out resources. First it gave support to the companies about to go bankrupt, a matter of short-term loans that also shored up employment. Then it turned to the long term and here mortgages and business loans entered the picture.7

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