1/3 - Takes on China worth reading..

First, the # put by @adam_tooze - "What if China's model of state capitalism is making history, not simply playing out its end?"
21st century politics/economics will play out in the shadow of its answer


@bnaughton says YES - "state steers market, firms respond to the market" How? China's high rate of fixed investment, maintained once infr deficit is filled, could allow it to "seize control of economy's direction to drive into a new economic era."


Naughton acknowledges this investment might just be an inefficient & political captured way to prop up economic growth. Which echoes the many doubts raised by @michaelxpettis about China's unsustainable growth regime.. for example see

Curious what Naughton thinks about the domestic implications of a permanently high (35%+?) investment share of GDP in China

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