The banking system we take for granted is unfixable. The good news is that we no longer need to rely on any private, rent-seeking, socially destabilizing network of banks, at least not the way we have so far.
shows why the current private system is unfixable – and why we don’t need to tolerate it anymore.
Like Vladimir Putin, China's leader is so steeped in a narrative of victimhood and fearful of appearing weak that it is hard to imagine him ever leading China out of the mess he has created. He could well be remembered as the leader who squandered history's most remarkable economic success story.
about the country's increasingly worrisome trajectory, both at home and abroad.
Artificial IdiocyFrank Rumpenhorst/picture alliance via Getty Images
纽黑文—自邓小平时代以来,经济增长对中国领导人来说比什么都重要。 1980 年至 2010 年 年化10% 的超级增长被广泛视为毛时代相对停滞的解毒剂,那个阶段经济仅增长约 6%。但在习近平主席的领导下,钟摆出现了倒退,从 2013 年到 2021 年平均增长率为 6.6%,更接近毛泽东而不是邓小平时代的轨迹。
一些放缓是不可避免的,部分反映了大数定律:小型经济能更好地维持快速增长。随着中国经济的增长——从 1980 年邓小平起飞时占世界 GDP 的 2% 到 2012 年习近平上台时的 15%——数字上的放缓只是时间问题。令人惊讶的倒是它花了这么长时间才发生。
可以量化放缓导致的中国产出损失。如果在习近平的领导下年实际 GDP 增长保持在 10% 的轨道上,而不是自 2012 年以来放缓近 3.5 个百分点,那么今天的中国经济规模将比现在高出 40% 多一点。
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