Threads
Answer here is Japan didn’t fail on the technical side. They couldn’t secure a market shrinking from cost challenges because they had a less appealing service model so they cut ta...
I think there’s a fault in analysis here that presumes it’s private capital owners who generate capital when they merely own rights to extract surplus from production systems ancho...
@michaelxpettis Ultimately you can’t answer structural mismatch without addressing payment mechanics. That’s what needs to change, and that component of problem is where we get int...
It’s not infrastructure development itself but the way it’s paid for that’s unsustainable. Normally infrastructure financing is stretched out over many years and repaid with tax re...
Agreed. This is a wholly new set of structures in the Chinese political and governance system, one of the most consequential since reform and opening potentially. But also think it...
One of the other things I’ve really come to appreciate about China under Xi, or rather China post Great Recession, because that’s the real undercurrent where I think things started...