Economics and politics

Economics and politics (23)

Articles on economics from a political perspective.

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The ongoing US trade war against China will have deep longer term repercussions, independently of whether a trade deal is reached to end it. Had it only been a question of erratic actions by a lunatic president, the effects could have been limited. But Trump is not alone. The general mood in the US establishment is that China should be contained, or even rolled back. So the key-word is now ‘disentangling’ of the US economy from China.
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The ongoing trade war that the US has unleashed against China will change the history of the 21st century, independently of whether an agreement is eventually reached between the parties or not. It signals the decision of the US to prevent China from growing into an economic superpower, using whatever means it has at hand. But this is an extremely dangerous and futile policy. China has more than four times the population of the US. As it develops, its economy will inevitably surpass the US. There is nothing the US can do to prevent that, so they will have to…
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China is no longer a low-wage economy. To avoid being caught in a trap where its products are neither really cheap, nor really good, it wants to go upmarket, moving from low-tech standard products to high-tech, high-value products. This is what the strategy “China 2025” is about, supported by big government funding. Is this a legitimate strategy, or is it unfair competition? The US thinks the latter and is determined to do what it can to stop it. But they are unlikely to succeed.
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The spectacular arrest in Canada of the chief financial officer from Chinese telecom giant Huawei follows on the heels of the US punishing another Chinese telecom company, ZTE, earlier this year. The argument is that these companies have violated the US sanctions against Iran. But this is a much deeper conflict and of existential importance for both the US and China and the consequences are far-reaching. How far is the US willing to go to prevent China from becoming a technological great power?
Thursday, 05 October 2017 16:40 in Economics and politics

The dying bear

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Foreign Affairs named in 2011 Russia “The dying bear”, pointing to the country’s high mortality and the low fertility. “Russia's economy doesn't produce anything that anybody wants to buy, except oil, gas and arms”, said ex-president Obama at his final news conference in 2016. “Vladimir Putin is a bigger threat than Isis”, according to Senator and ex-presidential candidate John McCain. And according to the actor Morgan Freeman, the US is now at war with Russia. But then everything should be fine. Russia is on its way down the drain. No people left, a useless economy, finished. Or are they once…
Thursday, 28 September 2017 00:52 in Economics and politics

The imminent demise of Russia

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“The Russian economy is in tatters”, said ex-president Barak Obama in his State of the Union Address in January 2015, and one year earlier he had described Russia as a “regional power”. The republican ex-presidential candidate senator John McCain said in March 2014 that Russia is “a gas station masquerading as a country”. “Lights our out for the Putin Regime”, “Is Putin’s Russia Headed for a Systemic Collapse?”, “Is Vladimir Putin’s big collapse coming soon?”, “The Achilles Heel of Putin’s Regime” - the list of dire predictions for Russia and the “Putin regime” from the last year or so is…
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