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37 sats \ 5 replies \ @Satosora 28 Sep \ on: Can India grow as fast as China did? Can India do it without Bitcoin? bitcoin
It depends on how much they skew the numbers.
But I dont doubt India is growing fast.
China seems to be having quite a bit of its own troubles.
It's well worth questioning how much of the Chinese growth was real. I don't doubt that it's more developed and wealthier than India, but 5x? I'm skeptical. There's been a lot of fake growth in China that was really just capital misallocation.
From the outside, my sense is that India's big hurdle is the overbearing regulatory state. If India ever enacted free market reforms, they'd soar past China in no time.
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Free market reforms are not the cure all. If you think they are you did not read Adam Smith sufficiently carefully.
What is required is a good government oversight with continuity and strategy.
These countries (India and China and virtually all other non 'western nations) have been screwed over by western imperialism and most of them are locked into a state of ongoing subjugation and exploitation by the still dominant western empire/s.
Without a government capable of projecting your nations will all 'developing' nations will remain stuck in an endless cycle of moving sideways, dependent upon the western imperial nations who put them in this state deliberately to gain the upper hand.
India is hopelessly divided internally and is stuck with a form of government imposed upon it- entirely inappropriate to its actual economic and developmental requirements, again- no accident!
China on the other hand has developed its unique and genuinely Chinese form of government and strategy designed to confront the western imperialism that caused such humiliation and exploitation from The Opium Wars onward until WW2.
There is significant denial among the west, especially Libertarians who cannot fathom how and why a nominally 'communist' one party state China can for decades outperform the west.
Its simple- The Chinese government directs capital flows toward a strategy designed to advance Chinese interests. Chinese strategy is logically coordinated internally and externally.
In contrast in the West Capital has captured governments and uses them to advance its own narrow rentseeking interests- there is no cohesive government led strategy because western governments are hopelessly owned by corporate sponsors.
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There's been a lot of development in economic thought since Adam Smith. I encourage you to look into it sometime. Smith is the beginning (sort of), not the end.
China has never outperformed the west (at least not in the past couple of centuries). Fast growth is a function starting from such a low point and reversing course on insane communist policies. Performance of an economy is about the standard of living enjoyed by the people in it.
More freedom = more prosperity. China still doesn't have much of either, but it has more of both than it did under Mao. You're the one not comprehending this very straightforward relationship and confusing your wishful thinking for data.
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Human nature has not changed since Adam Smith.
Standard of living depend upon the quality and efficiency of the internal economy and upon the extent of trade and resource hegemony. Both of these factors rely upon the quality of government a nation enjoys, or suffers.
China was the most advanced economy on earth 1000-500 years ago.
Marco Polo saw it.
It enjoyed dominance over and tribute from all immediate neighbours except Japan.
It enjoyed a rational and efficient tax system and logistics trade routes infrastructure funded via taxation in a win win manner.
Medieval China was far more wealthy and stable than medieval Europe because China had a cohesive unified and efficient government. Europe was a shambles of schisms, factions, poverty and incessant war.
While it was never in competition with the west before 1800, since The Opium Wars it has been forced to respond to the brutal global resource imperialism imposed by the west.
China is virtually the only non euro-christian culture to have never been completely subjugated and to now be in a position to reject western imperialisms dictates.
China is now responding- Both Ukraine and Middle East conflicts are proxy wars between China and The West.
State power and economic strength inevitably rest heavily upon the military and strategic power projection capability...this is where Libertarians fail to see the world as it is and always has been.
There is far more latent support for Chinas new economic model than N.Korea, Iran and Russia who are already operating under Chinas new empire and openly challenging the wests imperialism.
The west with its late empire decadence and division is under a real challenge.
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