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."

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