1/4
Good piece by Niall Ferguson (@nfergus) who also thinks that the history of the USSR in the 1960s and early 1970s has a lot to teach us about a sustainable growth trajectory in China.
bloomberg.com/opinion/articl… via @bopinion
Good piece by Niall Ferguson (@nfergus) who also thinks that the history of the USSR in the 1960s and early 1970s has a lot to teach us about a sustainable growth trajectory in China.
bloomberg.com/opinion/articl… via @bopinion
2/4
I've long argued that japan in the 1980s and the USSR in the 1960s are important historical precedents in helping us understand how this growth model works. Every country that has achieved "miracle" growth...
I've long argued that japan in the 1980s and the USSR in the 1960s are important historical precedents in helping us understand how this growth model works. Every country that has achieved "miracle" growth...
3/4
under the high-savings/high-investment model — of which the USSR and Japan are just the most famous — has later shifted into a phase in which growth is driven mainly by surging debt and the systemic creation of bezzle.
carnegieendowment.org/chinafinancial…
under the high-savings/high-investment model — of which the USSR and Japan are just the most famous — has later shifted into a phase in which growth is driven mainly by surging debt and the systemic creation of bezzle.
carnegieendowment.org/chinafinancial…
4/4
And in every case the country faced a very difficult economic adjustment during which subsequent growth fell below even the most pessimistic predictions. The longer it took to adjust or the more extreme the typical imbalances, the more difficult the adjustment tended to be.
And in every case the country faced a very difficult economic adjustment during which subsequent growth fell below even the most pessimistic predictions. The longer it took to adjust or the more extreme the typical imbalances, the more difficult the adjustment tended to be.
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