If you thought China’s advantage in manufacturing was due to manipulation of its currency, or its theft of technology, you need to see ‘American Factory’. Whatever role a low Chinese yuan, or technology theft, has played in China’s dominance of manufacturing, this film shows that even if neither of these factors was present China would […]
Identity
In his book, ‘Identity’ Francis Fukuyama traces the historical development of identity in Western culture. His book is an important read for those on the left who seek to understand why many people seemingly vote in ways that do not advance their own economic interests. Fukuyama says that contemporary free-market economists, and Marxists alike, maintain that […]
Keynes v Hayek and Friedman- a very brief summary
Keynes v Hayek and Friedman Since at least the mid-1930’s the two main competing economic models within Western democracies have been the neo-liberal model of Frederick Hayek and Milton Friedman and the model proposed by John Keynes. Keynes was more favoured by policymakers following the publication of his General Theory in 1936 through to the 1970s. […]
Welcome to the 2020’s- ‘The Age’s’ Strange Optimism
On December 28 ‘The Age’ posted a very strange editorial. It said that judged by much media coverage the world is heading towards a new Cold War and climate change destruction. But the editorial expressed optimism that “providing we can solve a few urgent problems these grim predictions are too bleak”. The basis for the […]
Capitalism Does Fine Under Authoritarian Rule- China
In the 1980’s, following the collapse of the eastern Bloc, Francis Fukuyama’s claimed that free market liberal democracy had won out and would be history’s final form of government. Yes, the Chinese Communist Party (CCP) still ruled China. But China was introducing free market economic reforms and this economic liberalisation would inevitably lead to political liberalisation, […]
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