An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Monday, January 14, 2013
Michael Pettis — Recognizing the need for economic adjustment
The state of China on the turnover of leadership. Lots of unclarity.
China Financial Markets
Recognizing the need for economic adjustment
Michael Pettis | Senior Associate at the Carnegie Endowment for International Peace and a finance professor at Peking University’s Guanghua School of Management
Favorite line: "The history of developing countries suggests that most countries fail in the reform and adjustment process precisely because the sectors of the economy that have benefitted from the distortions are powerful enough to block any attempt to eliminate those distortions."
Labels:
China,
MMT,
rebalancing
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