tag:blogger.com,1999:blog-2761684730989137546.post3501295013027650067..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: Michael Roberts — Neoliberalism works for the world?mike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-2761684730989137546.post-28479031354873768892017-11-28T10:13:05.741-05:002017-11-28T10:13:05.741-05:00Only to a limited degree, Ralph. China learned fro...<br /><br />Only to a limited degree, Ralph. China learned from the Russian experiment in fast privatization based on the neoliberal assumption promoted by Western advisers that increased efficiency would "sort things out" optimally. That advice blew up almost taking Russia down. China is not going to repeat that mistake. They are reforming the economy as quickly as they see possible without threatening stability. They are also not under the illusion that privatization of public goods is always in the interest of the public. In the big picture, effectiveness is more important than efficiency. The Chinese leaders are big picture people, and that is serving them well so far.<br /><br /><a href="https://static.treasury.gov.au/uploads/sites/1/2017/06/5-China-SOE-reforms.pdf" rel="nofollow">https://static.treasury.gov.au/uploads/sites/1/2017/06/5-China-SOE-reforms.pdf</a>Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-16031219640581511012017-11-28T07:52:56.632-05:002017-11-28T07:52:56.632-05:00Kaivey the main problem here has been the zero int...Kaivey the main problem here has been the zero interest rates over the last 8 years...<br /><br />This is due to a conflict between the Economics Dept which teaches Monetarism and the Business Dept which teaches modern portfolio theory for long term retirement savings...<br /><br />B school teaches to expect a 5%+ APR while the Econ Dept says zero rates are stimulative... both cant be correct... <br /><br />Its a classic textbook case of lack of coordination 101 between these two departments in the academe.... <br /><br />If we had 4% rates today, the interest payments on the 20T of bonds would be $800B instead of basically zero... <br /><br />An additional $800B of leading USD flow annual and all of this goes away...Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-28330196226309988942017-11-28T05:59:47.171-05:002017-11-28T05:59:47.171-05:00Roberts claims China “is state-owned and controlle...Roberts claims China “is state-owned and controlled with investment and production state-directed, with profit secondary to growth as the objective.”<br /><br />Bit hard to square with the fact that China is closing down loss making state enterprises as fast as it can.<br />Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-47244910636254166302017-11-27T22:41:55.701-05:002017-11-27T22:41:55.701-05:00This comment has been removed by the author.Ryan Harrishttps://www.blogger.com/profile/04815033054435303399noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-11867350139423404562017-11-27T20:39:12.345-05:002017-11-27T20:39:12.345-05:00China listened more to Keynesian economists like J...China listened more to Keynesian economists like James Tobin and James Galbraith and many others. Being ignored in the USA, they had plenty of time on their hands. :-) Came across a recent Chinese book on their Keynesian advisers, will see if I can dig it up again. <br /><br />US elites went more for maximum return to the 19th century, maximum wealth monopolization by the elite. Chinese elites went for national development and listen(ed) more to pressure from below. As the US had done until 1970 or so. In both cases the income and profits were higher in the less "neoliberal" state and era.Calgacushttps://www.blogger.com/profile/06031818010224747000noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-11954698679546140902017-11-27T16:10:23.407-05:002017-11-27T16:10:23.407-05:00The US elite went for maximum profits and there is...The US elite went for maximum profits and there is nothing clever about that even if they did get economists to praise neoliberalism. Greed was good, they said, because the selfish pursuit of maximum profit meant there would be more businesses and more jobs yielding a 'trickle down effect'. To maximize profits CEO off-shored the jobs and private equity firms came along and bought failing companies up and asset stripped them while loaded them up with loans and then they sold the companies walking off with the loot. They also often would sell off all the property the companies owned and then lease it back again making massive short term profits but this, plus the loans, reduced long term profits. Rather than invest in new businesses banks, companies, and ordinary people speculated in property instead further eroding the industrial base. <br /><br />Now a tiny elite own massive wealth but the rest of society is a lot poorer. US infrastructure is in a bad way because the elites preferred tax cuts instead of rebuilding their country. With the its industrial base decimated the US empire is now falling apart. So much for neoliberalism and Ayn Rand selfishness. Look where that got the US? Kaiveyhttps://www.blogger.com/profile/04195639305785321786noreply@blogger.com