finance
Money talks; reviewing the global economy, government spending, taxes, and economic policy that affect our social and political future.
The reasons for China’s economic success
Back in 1976, China was an underdeveloped rural country under the leadership of Chairman Mao Zedong. 30% of the population was poor at that time mainly because 3⁄4 of the production was centrally organized and controlled by the state-owned enterprises. The state set the quantities and prices of production and allocated the resources throughout most of the economy. The main goal of the Chinese government was to transform itself into a self-sufficient economy. Foreign trade was very limited, the only trade partner was the Soviet Union and trades would be things that they truly could not make in China. This system created economic distortions and did not provide motivation for firms, workers, and farmers to be more productive as they would not receive more for it or improve their living standards. The economic system had stagnated a long time ago, individuals were getting less and less motivated, their productiveness was decreasing, and their faith was disappearing. In 1978, after Mao Zedong died, of Deng Xiaoping became the leader and decided to restore China’s economy and faith on the communist party with the goal this time, of increasing economic growth and raise living standards. As the strict state control was not working, he decided to put in place a series of reforms that seemed to work for neighbor countries and regions (Taiwan, South Korea and Hong Kong). His idea was to create its own economic model through an economic reform. In one hand, it took some ideas from Western countries such as opening itself to the free market to allow private companies into china and receive foreign investments/trades as well. It encouraged the creation of rural enterprises and private businesses by giving more freedom to its workers and controlling them less. It invested in industrial production and education of its workforce.On another hand, it kept things in line and protected its country.
By Alexia Wambersie4 years ago in The Swamp
Pru Goward's Prole Bites Back
I was appalled to read Pru Goward's despicable headline, and astonished that the article was published in the Australian Financial Review (AFR). Pru Goward was NSW Minister for Family and Community Services. The fact that she holds these views is a sad indictment on the Department's information and advice to her while in Office.
By Lisbeth Stewart4 years ago in The Swamp
Why We Need Modern Monetary Theory (MMT) and Why It Needs Universal Basic Income (UBI)
Translations of this article are available in: French, Dutch, and German: The original illustrations in this article are available as NFTs on OpenSea, an audio version of this article is also available, and for those who would rather read a book than stare at a screen, a paperback version is also available on Amazon for purchase.
By Scott Santens4 years ago in The Swamp
India Desperately Needs a Basic Income Scheme If It has to Emerge from the Pandemic
The Covid 19 Pandemic has wrought havoc worldwide in terms of the human, economic, political, and social costs as Millions of people around the world lost their lives and livelihoods. Not only was the human toll higher than any previous such epidemic or even the Two World Wars, the economic and the financial burden imposed by the Pandemic has well and truly devastated the already vulnerable and further marginalized the precarious. Indeed, the Once in a Century Event has disrupted our lives to the extent that even partial recovery seems daunting in the immediate future.
By Rammohan Susarla4 years ago in The Swamp
The growing Gulf rivalry that's pushing up oil prices
https://www.bbc.co.uk/news/world-middle-east-57753667 The bitter public rift between UAE and KSA over oil production quotas this week caused talks between the biggest oil-producing nations in the world to be abandoned and left energy markets in limbo, pushing oil prices to a 6 year high.
By Rumman Mir Sharif5 years ago in The Swamp
A Brief Analysis of the Effects of Global Recession in America Toward European Firms
A global economic crash occurred between the years of 2008 and 2013. The causes of this event have been hotly debated and extensively documented by economists, mathematicians and other experts. According to a December 2nd, 2019 article by Tejvan Pettinger for economicshelp.org: “…The recession began after the 2007/08 global credit crunching led to a prolonged period of low/negative growth, rising unemployment and a period of fiscal austerity. In particular, the great recession highlighted problems within the Eurozone which experienced a double-dip recession and high unemployment.” (Pettinger, 2019)
By Johnny Ringo5 years ago in The Swamp
