Sunday , November 24 2024
Home / Mike Norman Economics / Ben Norton – China and Russia declare ‘new era’ of multipolarity, challenging US interventionism

Ben Norton – China and Russia declare ‘new era’ of multipolarity, challenging US interventionism

Summary:
From 'How China Escaped Shock Therapy' it seems that China may have considered shock therapy and neoliberalism, but they rejected it because of their long tradition of state ownership of many industries, which had served the country well for centuries. Russia is capitalist, but has a lot of state industries too because it feels under threat from the West, and although state industries may be less efficient, they are more robust. Because of Western antagonism Russia has aligned with China and many other socialist countries around the world. We have to have competition to set prices, otherwise they may rise, but when you go into extreme competition, as in neoliberalism, there is a race to the bottom, which means that far too many people get to live harsh, miserable lives. There must be a

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

Matias Vernengo writes Elon Musk (& Vivek Ramaswamy) on hardship, because he knows so much about it

Lars Pålsson Syll writes Klas Eklunds ‘Vår ekonomi’ — lärobok med stora brister

New Economics Foundation writes We need more than a tax on the super rich to deliver climate and economic justice

Robert Vienneau writes Profits Not Explained By Merit, Increased Risk, Increased Ability To Compete, Etc.

From 'How China Escaped Shock Therapy' it seems that China may have considered shock therapy and neoliberalism, but they rejected it because of their long tradition of state ownership of many industries, which had served the country well for centuries. Russia is capitalist, but has a lot of state industries too because it feels under threat from the West, and although state industries may be less efficient, they are more robust. Because of Western antagonism Russia has aligned with China and many other socialist countries around the world. 

We have to have competition to set prices, otherwise they may rise, but when you go into extreme competition, as in neoliberalism, there is a race to the bottom, which means that far too many people get to live harsh, miserable lives. There must be a middle way, as social democracy and MMT shows. The Nordic countries have a good model. 


.After meeting in Beijing, China’s Xi Jinping and Russia’s Vladimir Putin released a lengthy joint statement clarifying the ideological divisions of the new cold war: Eurasian calls for multipolarity, cooperation, sovereignty, and “redistribution of power in the world” against US unipolar hegemony and interventionism.





https://youtu.be/c0JaOHa0qOM



Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *