this post was submitted on 11 Aug 2023
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I mean there will be a point when the Chinese middle class stops growing and the government will need to midwife a new economic model. A Communist Party is probably the political organization currenntly in the world that can come up with an answer that isn't slashing the social safety net and giving big handouts to corporations to keep profits up, though.
im not an expert in political economy, but if you read the article he goes into a lot of specific reasons why china is still in a great position in regards to the future, although it will take responsible leadership that pushes back against mainstream neoclassical economics.
Neoliberalism has been a failure for the actual population. It's decoupled economic growth from improved quality of life. Meanwhile, social democracies in Europe are showing that other models are practical and viable.
Which European country isn’t pursuing neoliberal economics?
Practical and viable so long as you have a massive base of exploited labour in Africa and Asia to prop you up.
GDP Annual Growth Rate in European Union averaged 1.70 percent from 1996 until 2023
https://tradingeconomics.com/european-union/gdp-annual-growth-rate
GDP Growth Rate in Euro Area averaged 0.37 percent from 1995 until 2023
Source: https://tradingeconomics.com/euro-area/gdp-growth
Social Democracies in Europe are showing that you can keep people complacent as long as the oil and the african gold don't run out. Whoopsie.
Must be forgetting about Finland, whoopsie.
Yeah, "countries" the size of an American suburb don't matter. Euros are always like "but what about shitsteinburg, a country with a proud national tradition and a population of 37!" Nobody cares.
You don't think Finland benefits from the victimization of the global south?
neoliberalism is a function of capitalism's contradiction of requiring constant exponential growth. in an infinite timeline neoliberalism will sadly completely consume any semblance of "social democracy", and you can already see even the classic european social democracies are beginning to eat away at and privatize their welfare states.
other people are also pointing out unequal exchange, which is a critical concept to factor into the equation when trying to understand where the wealth of the european social democracies come from.
https://www.youtube.com/watch?v=rjLmYCfKU7o this video is a really good short primer on the topic!