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Jens 'n' Frens
Idle thoughts of a relatively libertarian Republican in Cambridge, MA, and whomever he invites. Mostly political.
"A strong conviction that something must be done is the parent of many bad measures."
-- Daniel Webster
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Tuesday, December 10, 2002 :::
Lily Malcolm comments on China for the first time ever. (This is a joke -- if you haven't seen the Kitchen Cabineteers write about China, you haven't been reading.)
Quoting the New Republic, she writes:
Look closely at the Chinese economy, and you'll find a far less rosy situation than that portrayed in most of the business press. The country's growth rates are vastly overstated, the result of cooked books and massive deficit spending.... The Chinese economic miracle, in other words, is largely a house of cards.
Sounds Soviet. Or Swedish, as documented further (especially with respect to the deficit) by P.J. O'Rourke in the fourth chapter of "Eat the Rich".
Lily adds:
According to the article, one of the biggest things dragging the Chinese economy down is China's lack of a real legal system.
That's in the eleventh chapter; not regarding China so much as the undeveloped world in general.
::: posted by Steven at 2:22 AM
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