Book description
The world has long considered China a juggernaut of economic strength, but since the global financial crisis, the country's economy has ballooned in size, complexity, and risk. Once dominated by four state-owned banks, the nation's financial system is a tangle of shadow banking entities, informal financial institutions, and complex corporate…
Why read it?
1 author picked China's Great Wall of Debt as one of their favorite books. Why do they recommend it?
This book, so excellent in giving valid arguments and then predicting China’s supposed inevitable economic demise, is a clear example of how most American authors reason about China without taking into account the huge economic differences it has with our economy.
McMahon and all the others forget that a) in the year 2000 there were 600 million cheap laborers in the countryside, and there still are more than 200 million available now, b) the Beijing Communist dictatorship is cruelly keeping wages of production workers at less than half ours, and c) the existing free trade, started by Bill Clinton in…
From Edouard's list on understanding US-China trade.
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