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Hong Kong Chief Executive Donald Tsang speaks to the press at the government offices in Hong Kong on Oct. 14. (Photo: Mike Clarke/ AFP-Getty Images) |
by Jurnan Goos November 10, 2009
Stimulus packages have made sure that natural selection has not been able to cut away businesses that would normally be doomed to fail. But, as practically everyone now knows, if natural economical selection would have had free reign, the number of companies going bankrupt would have been enormous, leading to a disastrous situation. We could envision a dramatic spike in unemployment, permanent damage to production capacity and an inability of people to pay for their houses and financial burdens for starters.
In the wake of stimulus injections, as much as we expected Western countries to go through a revival before the normally trailing Asians, the contrary seems to be the case. Will China take the lead in global politics? Will their innovative processes, combined with their fast-growing economy (the latest figures point to an 8.9 percent increase in the third quarter of this year) shove them forward and legitimize their status on the world stage?
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Op-Ed - The Yuan Underrated, China Overrated - Worldpress.org
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